UPDATE: Morgan Stanley Raises PT to $20 on Dana Holding Corporation on Cash Return

Morgan Stanley maintained Dana Holding Corporation

with an Overweight rating and raised the price target from $18.00 to $20.00. Morgan Stanley commented, "DAN has done a remarkable job with execution in the past couple of years and guidance of improving margins in 2013 despite macro uncertainty shows more to come. While we await end market improvement however, investor focus is on the strong balance sheet and cash return opportunity. … We certainly see some room for a larger buyback / dividend, but also respect mgmt.'s BS prudence in what is still a highly cyclical, competitive industry." Dana Holding Corporation closed at $16.46 on Friday.