UBS Cuts Price Target on Dana Holdings (DAN) as Shares Trade Down 20% Since July
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Rating Summary:
7 Buy, 14 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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UBS maintained a Neutral rating on Dana Holding (NYSE: DAN), and cut the price target to $18.00 (from $21.00), as shares train down 20% since early July. The decline largely reflects the continued weakness in global on and off highway markets which has resulted in lower guidance. On the Q3 call, DAN highlighted that its main competitor had won some of its business. Management sees the shift as temporary until it completes its supply chain modernization restructuring.
Analyst Colin Langan commented, "DAN shares have been down over 20% since early July. The decline largely reflects the continued weakness in global on and off highway markets which has resulted in lower guidance. DAN has done an excellent job at managing margins in the face of these deteriorating markets; however, it's unclear when these market headwinds will subside. We see upside once these typically profitable markets recover; however, we remain Neutral while we wait to see signs of an inflection."
For an analyst ratings summary and ratings history on Dana Holding click here. For more ratings news on Dana Holding click here.
Shares of Dana Holding closed at $16.45 yesterday.
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