Navistar International (NYSE:NAV) Attractive on Valuation

Navistar International (NYSE:NAV) had their price target boosted by UBS (NYSE:UBS), citing the attractive valuation of the company.

UBS said, "Survey results indicate that the majority of truckers continue to expect increased purchases in 2011. Relative to 2010, 59% of respondents expect their 2011 truck purchases to increase, while 16% expect their truck purchases to decline...Our Buy rating reflects an attractive valuation, and we see the name as the most direct play on the NA truck cycle. Additionally, we see significant real optionality to the military business, as well as other expansionary businesses with Caterpillar (NYSE:CAT), Mahindra and JAC."

UBS reiterates a "Buy" rating on Navistar International, which closed Thursday at $62.80, down $0.08, or 0.13 percent. UBS raised their price target on Navistar from $70 to $80.