UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Navistar International Corp. on FQ1 Cash Burn

In a report published Friday, Deutsche Bank reiterated its Hold rating on Navistar International Corp. NAV, and raised its price target from $20.00 to $30.00. Deutsche Bank noted, “NAV's FQ1 cash burn was better than the low expectations set by the company. Navistar reported a FQ1 cash burn of $316MM vs. our estimate of a $479MM burn and Navistar's guidance of $455MM-$555MM. EBITDA of $57MM was ahead of our ($50MM) estimate and Navistar's guidance of ($50MM) to $50MM. We maintain our Hold rating based on valuation.” Navistar International Corp. closed on Thursday at $31.89.