Deutsche Bank Lowers Estimates On Dana Corporation

Deutsche Bank is lowering their 2011 EBITDA estimate for Dana Corporation DAN to $660 million from $700 million to reflect lower CV production assumption, as well as lower growth of Dana's light vehicle platforms in 2011. Deutsche Bank has a bit more cautious view on 2011 industry demand but maintains their bullish view on the recovery. Risks include lower than expected commercial or light vehicle volume and higher raw materials costs. Deutsche Bank maintains its Buy rating based on valuation but lowers its price target to $13.60 from $15. DAN closed Wednesday at $10.45