Dana Corp "sell"

08/28/03 - Prudential Financial

NEW YORK, August 28 (New Ratings) - Analysts at Prudential Financial reiterate their "sell" rating on Dana Corp (DCN). The target price is set to $11.

In a research note published this morning, the analysts mention that Arvin Meritor is willing to negotiate a higher price for Dana Corp and is expected to extend its tender offer in the near future. However, Dana Corp’s management is not receptive to a merger with Arvin Meritor making the chances of an agreement bleak, the analysts say. Prudential Financial maintains its "sell" rating on the company, as the risks associated with the deal continue.