UPDATE: Deutsche Bank Lowers PT on Dana Corporation from $20 to $19
Deutsche Bank reiterated a Buy rating on Dana Corporation (NYSE: DAN) and lowered its price target from $20 to $19.
Deutsche Bank wrote, “Dana reported Q2 EBITDA of $225MM; ahead of our $217MM estimate and consensus of $215MM. Revenue of $1.95bn was slightly below our $1.98bn est (better Light Axle and Power Technologies revs offset weaker Commercial Vehicle and Off-Highway revs). But Q2 EBITDA margin of 11.5% was well ahead of our 11.0% estimate. We continue to be impressed by Dana's strong operating performance (Dana has exceeded our expectations 4 out of the 5 past quarters) and reiterate our Buy recommendation based on valuation.”
Dana Corporation closed at $12.99 on Thursday.
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