NEW YORK (TheStreet) -- Shares of Navistar International Corp. (NAV) are up 4.6% to $30.44 as JP Morgan maintained its "overweight" rating, saying the selloff following its fourth quarter earnings release yesterday is over done.
"We believe the selloff is over done with the stock down 11% versus the S&P 500 up 1%," JP Morgan said.
Shares of Navistar plunged over 17% yesterday after the Illinois-based truckmaker recorded a net loss of $72 million, or 88 cents a share, compared to a loss of $154 million, or $1.91, a year earlier. Analysts had anticipated profit of $3.57 million, according to data compiled by Bloomberg.
Revenue was $3.01 billion, compared to a $3.03 billion estimate.
The net loss for the quarter marked the company's ninth losing period as it restructures its North American business. Recently, the company announced plans to close its block and head foundry operations in Indianapolis, a move that resulted in an $11 million charge during the period.
Separately, TheStreet Ratings team rates NAVISTAR INTERNATIONAL CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NAVISTAR INTERNATIONAL CORP (NAV) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and poor profit margins."