Dana falls after Wells Fargo downgrades and cuts PT
20/09/2024 14:14
** Shares of auto parts supplier Dana DAN.N fall 2.3% to
$10.23 premarket
** Wells Fargo downgrades rating to "underweight" from
"equalweight" and cuts PT to $9 from $13
** New PT represents a 14% downside to stock's last close
** Brokerage sees lower sales for DAN on weak demand in
North America heavy and medium truck markets and off-highway
market, which collectively make up 50% of co's business
** Brokerage also sees declines in co's 2024 sales for Ford
Super Duty truck
** 1 of 9 brokerage rates the stock "buy", 7 "hold" and 1
"sell"; median PT is $12.50 - LSEG
** Stock has fallen 28.3% YTD as of last close
(Reporting by Aatreyee Dasgupta)
((Aatreyee.Dasgupta@thomsonreuters.com))