Dana price target lowered to $16 from $17 at JPMorgan

JPMorgan lowered the firm’s price target on Dana (DAN) to $16 from $17 and keeps an Overweight rating on the shares. The firm previewed the auto parts supplier earnings by lowering estimates for Q3 EBITDA and earnings by an average 4% and 6%, respectively. The softer quarter it expects for suppliers is a result not of lower global light vehicle production but of persistent mix headwinds as production in Q3 tracked softer in regions of the world to which many U.S.-based suppliers are disproportionately levered.