In a note out today, Jefferies reiterated a buy rating and $70 price target on Navistar NAV, implying the shares could nearly double from current levels. "F4Q exceeded most expectations and showed several signs that NAV is executing on its plans. Adjusted EPS of $3.37, compared to our optimistic $3.55 and consensus of ~$3.10. Both Truck and Engine incremental margins were in the mid 20s. While there were the usual adjustments, they largely canceled and overall, it was a solid quarter and we would expect the stock to move higher on the report," Jefferies said in the note.