Dana upgrade to "outperform"

12/01/03 - Wachovia Securities

NEW YORK, December 1 (New Ratings) - Analysts at Wachovia Securities upgrade Dana Corporation (DCN) from "market perform" to "outperform," while revising their estimates for the company.

Shares of Dana Corporation, an Ohio-based automotive components manufacturer, are currently trading at $16.17.

According to Wachovia Securities' research note dated November 28 and published this morning, Dana Corporation's stock is attractively valued, with low downside risk. The company is likely to capitalize on the rising truck demand trends in the US, the analysts say. Dana Corporation's restructuring measures have been robust, the analysts mention.

According to the analysts, the company would substantially reduce its debts in the near term. The strong truck market in the US and the attractive valuation of the company's stock warrant the current upgrade rating, Wachovia Securities explains.

The EPS estimates for 2003 and 2004 are $1.21 and $1.70, respectively. The P/E estimates for 2003 and 2004 are 13.4x and 9.5x, respectively.

Wachovia Securities upgrades Dana Corporation from "market perform" to "outperform."