These Analysts Boost Their Forecasts On Dana

Dana Incorporated DAN announced the sale of its Off-Highway business to Allison Transmission for $2.7 billion on Wednesday.

The board authorized a $1 billion capital return program through 2027.

“As we committed to last year, the sale of the Off-Highway business supports our strategy to become a streamlined light- and commercial-vehicle supplier with traditional and electrified systems,” said R. Bruce McDonald, Chairman and Chief Executive Officer of Dana. “This transaction is a critical step in our transformation, meaningfully strengthening our balance sheet, reducing complexity in our business, and allowing us to return significant capital to our shareholders. Combined with our ongoing $300 million cost-savings initiatives, this transaction enables a focused path to grow and innovate, invest in our business, and continue to improve our cost structure.”

Dana shares gained 1.8% to close at $17.71 on Wednesday.

These analysts made changes to their price targets on Dana following earnings announcement.

• Barclays analyst Dan Levy maintained Dana with an Overweight rating and raised the price target from $20 to $25.
• Wells Fargo analyst Colin Langan maintained the stock with an Equal-Weight rating and raised the price target from $15 to $17.

Considering buying DAN stock? Here’s what analysts think:

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