UPDATE: Jefferies Color On DAN Initiation

Jefferies, which initiated coverage of Dana Holding Corp. DAN, is providing some color on the stock.

“We think auto stocks are likely to transition into top-line stories this year as operating leverage fades,” Jefferies writes. “In that context, we think DAN offers the greatest cyclical leverage to a continued economic recovery in our automotive coverage. Our year-end price target of $20 implies 21% upside.”

Dana Holding closed Thursday at $16.34.