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BUZZ-Dana rises after RBC lifts rating on off-highway deal upside

Reuters
May 22
BUZZ-Dana rises after RBC lifts rating on off-highway deal upside

** Shares of auto components provider Dana DAN.N rise 3.5% to $16.29 premarket

** RBC upgrades stock to "outperform" from "sector perform," citing "increased conviction" that DAN will announce Off-Highway deal in June

** DAN last year announced sale of its Off-Highway business, which makes auto systems for heavy-duty vehicles used in agriculture, materials handling, mining, forestry and construction end-markets

** RBC expects deal to positively impact shares, contribute incremental capital return to shareholders

** Lifts PT to $20 from $14, which represents 27.1% upside to stock's last close

** Six brokerages rate stock "buy", two "hold" and 1 "sell"; their median PT is $20 - LSEG-compiled data

** As of last close, stock had risen 36.2% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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