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Fly News Breaks for October 18, 2018
DAN
Oct 18, 2018 | 08:16 EDT
As reported earlier, BofA/Merrill analyst Aileen Smith downgraded Dana Inc to Neutral from Buy and lowered her price target to $21 from $27. The analyst notes that ever since she initiated the stock at Buy, conditions in the broader light vehicle market have deteriorated amid production cuts, while dynamics for commercial vehicle markets in China and Europe also softened. Smith adds that while she still expects strength in the company's key end markets through 2019, she also sees those expectations baked into the Dana Inc valuation.
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