UPDATE: UBS Downgrades Navistar International Corporation to Neutral, Lowers PT to $36.00

On Tuesday, UBS downgraded shares of

from Buy to Neutral and lowered the price target from $44 to $36. Steven Fisher, analyst at UBS, believes the company's journey to improved profitability will be a “slower ramp” than expected. Warranty expenses are declining at slower than forecast rate in 2014, according to Fisher. The analyst expects lower than anticipated earnings per share the next two years. Shares finished lower by 4.4 percent to $31.79 on Tuesday.