UPDATE: Jefferies Raises PT on Dana Holding to $23 (DAN)

Jefferies is out with its report today on Dana Holding

, raising its PT from $20 to $23. In a note to clients, Jefferies writes, "Our $23 target price is based on a year-end 2011 EV/EBITDA multiple of 4.5x our 2012e EBITDA estimate of $868 million. Our target multiple is lower than DAN's post-bankruptcy median of 4.7x and the 5-6x multiple more typical of our auto universe." Jefferies reiterates Buy on DAN. At the time of posting, shares of DAN were trading at $18.36, down 1.13% from Wednesday's close.