Delphi (DLPH) (JOY) (NAV) (NEE) (NLY) (STRT) Ratings, Price Targets

Delphi Automotive PLC (NASDAQ: DLPH), Joy Global Inc. (NYSE: JOY), Navistar (NYSE: NAV), NextEra Energy, Inc. (NYSE: NEE), Annaly Capital Management, Inc. (NYSE: NLY) and Strattec Security Corp. (NASDAQ: STRT) ratings and price targets.

Delphi Automotive (DLPH) is now covered by Deutsche Bank (NYSE:DB). They have a “buy” rating on the firm.

Joy Global Inc. (JOY) had its price target raised by RBC Capital from $93.00 to $97.00. They have an “outperform” rating on the firm.

Navistar (NAV) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from a “neutral” rating to an “underweight” rating.

NextEra Energy, Inc. (NEE) was downgraded by Wells Fargo & Co. (NYSE:WFC) from an “outperform” rating to a “market perform” rating.

Annaly Capital Management, Inc. (NLY) was downgraded by RBC Capital from a “top pick” rating to an “outperform” rating. They have a price target of $20.00 on the firm.

Strattec Security Corp. (STRT) was upgraded by Zacks Investment Research from an “underperform” rating to a “neutral” rating.

Navistar (NAV) (MDCO) (MDR) (MFG) (MGI) (MTU) Ratings, Price Targets

Navistar (NAV), The Medicines Company (MDCO), McDermott International (MDR), Mizuho Financial (MFG), MoneyGram International, Inc. (MGI) and UFJ Financial Group (MTU) ratings and price targets.

Auriga initiated coverage on The Medicines Company (MDCO). They placed a “Buy” rating on the company.

Stifel Nicolaus initiated coverage on McDermott International (MDR). They placed a “Buy” rating and a price target of $16.00 on the company.

Mizuho initiated coverage on Mizuho Financial (MFG). They placed a “Hold” rating on the company.

JPMorgan Chase & Co. (NYSE:JPM) initiated coverage on MoneyGram International, Inc. (MGI). They placed a “Neutral” rating and a price target of $20.00 on the company.

Jefferies (NYSE:JEF) initiated coverage on Mitsubishi UFJ Financial Group (MTU). They placed an “Underperform” rating on the company.

Goldman Sachs (NYSE:GS) upgraded Navistar (NAV) from a “Sell” rating to a “Neutral” rating.

Navistar (NAV) (NFX) (PETM) (PXP) (REN) Price Targets Changed

Navistar (NYSE: NAV), Newfield Exploration Co. (NYSE: NFX), Petsmart Inc. (NASDAQ: PETM), Plains Exploration & Production Company (NYSE: PXP) and Resolute Energy Corp. (NYSE: REN) had price targets on them adjusted by analysts.

Navistar (NAV) had its price target lowered by RBC Capital from $72.00 to $58.00. They have a “Sector Perform” rating on the company.

Newfield Exploration Co. (NFX) had its price target lowered by FBR Capital from $70.00 to $55.00. They have an “Outperform” rating on the company.

Petsmart Inc. (PETM) had its price target raised by UBS AG (NYSE:UBS) to $53.00. They have a “Buy” rating on the company.

Plains Exploration & Production Company (PXP) had its price target lowered by FBR Capital from $37.00 to $32.00. They have a “Market Perform” rating on the company.

Resolute Energy Corp. (REN) had its price target lowered by FBR Capital from $17.00 to $15.00. They have an “Outperform” rating on the company.

Qualcomm (QCOM) (NAV) (OMN) (ORLY) (PVH) EPS Estimates Changed

Qualcomm (NASDAQ:QCOM), Navistar (NYSE:NAV), Omnova (NYSE:OMN), O'Reilly Automotive (NASDAQ:ORLY) and PVH (NYSE:PVH) had their EPS estimates adjusted by analysts.

Qualcomm (QCOM) had its EPS estimates cut through 2012 by Credit Suisse (NYSE:CS). They have an "Outperform" rating and price target of $65 on the company.

Navistar (NAV) had its EPS estimates lowered through 2011 by Jefferies (NYSE:JEF). They reiterate a "Buy" rating and price target of $70 on the company.

Omnova (OMN) had its EPS estimates cut by Jefferies. They have a "Buy" rating on the company.

O'Reilly Automotive (ORLY) had its price target raised by UBS to $73. They reiterated a "Buy" rating on the company.

PVH (PVH) had its EPS estimates raised by Brean Murray. They have a "Buy" rating and price of $80 on the company.

Toll (TOL) (AEO) (NAV) (AMAT) (THC) (DAN) Price Targets Changed

Toll Brothers, Inc. (NYSE: TOL), American Eagle (NYSE: AEO), Navistar (NYSE: NAV), Applied Materials, Inc. (NASDAQ: AMAT), Tenet Healthcare Co. (NYSE: THC) and Dana Holding Co. (NYSE: DAN) had price targets adjusted by analysts.

Toll Brothers, Inc. (TOL) had its price target lowered by RBC Capital from $23.00 to $17.00. They have a “Sector Perform” rating on the company.

American Eagle (AEO) had its price target lowered by Barclays Capital from $12.00 to $11.00. They have an “Equal Weight” rating on the company.

Navistar (NAV) had its price target lowered by Deutsche Bank (NYSE:DB) from $80.00 to $62.50. They have a “Buy” rating on the company.

Applied Materials, Inc. (AMAT) had its price target lowered by Barclays Capital from $16.00 to $15.00. They have an “Overweight” rating on the company.

Tenet Healthcare Co. (THC) had its price target lowered by Ticonderoga from $8.00 to $6.00. They have a “Buy” rating on the company.

Dana Holding Co. (DAN) had its price target lowered by Deutsche Bank from $22.00 to $20.50. They have a “Buy” rating on the company.

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.

Navistar International's (NYSE:NAV) Truck Orders Should Raise Valuation

New truck orders for Navistar International (NYSE:NAV) should be a significant catalyst for the company and drive up the valuation.

Barrington said, "We believe that NAV’s stock should continue to trend higher along with the improving U.S. economy and expected 2011 truck recovery. The 2011 truck data from ACT Research for new truck orders should be the catalyst for a higher NAV valuation as investors expect the company to leverage higher truck volumes. The visibility created from recent military truck orders should help to support NAV’s cash flow until we get evidence of NAV’s 2011 truck and engine profits."

Barrington Research reiterates an "Outperform" on Navistar International (NYSE:NAV), which closed Monday at $58.19, gaining $0.64, or 1.11 percent. They raised their price target on them from $65 to $75.

Navistar International's (NYSE:NAV) Uncertainty on Military Revenues

There are several aspects of Navistar International's (NYSE:NAV) near-term future that must be clarified in order to give a better feel for the outlook of the company, and among them is the sustainability of their military revenue.

Barclays (NYSE:BCS) said, "The quarter offered limited visibility into the longer term share for the HD business, the incremental margin potential in this cycle, and the longer term sustainability of the Military revenues, which are key focus areas for the stock, but we believe that the upcoming analyst day on 1/25 could address some of those issues...Overall, we came away with the view that FY11 could be a back-end loaded year, which could remain an overhang for the stock. The back end load could be defined by three key factors: 1) the outlook for how the NAFTA truck market could ramp and how market share could trend, 2) the extent to which some of the cost headwinds that the business experienced in 4Q10 could persist in 1Q, and 3) the timing of some key components of the Military revenues."

Barclays reiterates an "Equalweight" on Navistar International, which last closed at $57.55, up $0.38, or 0.66 percent. Barclays has a price target on them of $53, raising it from $50.

Navistar (NYSE:NAV), Cummins (NYSE:CMI), PACCAR (Nasdaq:PCAR) Bullish on Class 8 Outlook

Citing stronger fundamentals based on Class 8 orders, Barclays (NYSE:BCS) likes Navistar (NYSE:NAV), Cummins (NYSE:CMI) and PACCAR (Nasdaq:PCAR) in the sector.

Barclays said, "We believe we are at the beginning of a solid recovery in the NAFTA truck market, which should continue for the next few years. The fleet has aged past prior peak levels, used truck availability is low, and we see an improving freight environment. We are increasing NAFTA retail sales for Class 8 to 230K from 210K for 2011 to reflect improving fundamentals and constructive dealer channel checks.

"November's Net Order Data supports our view that Class 8 momentum is building: ACT released its Preliminary Net Order figures for November last week, with Class 8 orders at 26.3K, an increase of 39% sequentially and 149% y/y....

"We adjust our models for Cummins, Navistar, and PACCAR to reflect our more bullish Class 8 outlook. Positive trends in Class 8 should have a significant impact on overall revenues and profitability for our trucking names in 2011. We are adjusting our numbers as a result of these improving truck fundamentals and indicators, including ATA Tonnage. The revision to our CMI model also reflects broader margins following constructive meetings with management on Wednesday. We reiterate our OW rating on CMI and our 2-EW ratings on NAV (raises PT from $47 to $50) and PCAR (PT increased from $51 to $54)."

Navistar closed Friday at $58.03, down $0.07, or 0.12 percent. Cummins closed at $105.03, up $0.78, or 0.75 percent. PACCAR ended the session at $56.71, up $0.47, or 0.84 percent.

Navistar (NYSE:NAV) Class 8 Orders Exceeding Expectations

While there was an expected boost in Class 8 orders from Navistar International (NYSE:NAV) because of the announcement they were going to increase prices effective January 1, that doesn't account for all the increase in orders for them.

Deutsche Bank (NYSE:DB) said, "Preliminary net Class 8 orders in November were 26,300 units (Source ACT), significantly ahead of expectations in the 20,000 unit range. While orders were likely boosted by announced price increases effective Jan 1st, we view these order levels as very strong and supportive of our North American Class 8 industry sales forecasts of 230,000 units in 2011 and 255,000 units in 2012. We would also note that orders would likely have been stronger had Navistar had full engine availability (NAV is not yet taking orders for its 15L equipped Class 8 truck)."

Navistar closed Friday at $58.65, up by $2.08, or 3.68 percent. Deutsche raised their price target on them from $55 to $64.