Dana Incorporated provides power-conveyance and energy-management solutions for on-highway vehicles in North America, Europe, South America, and the Asia Pacific. Its Light Vehicle segment offers axles, driveshafts, ICE, hybrid and electric transmissions, e-axle and e-transmission systems, inverters, electric motors, controllers, sealing and thermal products, e-sealing, e-thermal cooling systems, battery and electronics cooling, hydrogen fuel cell cooling, and new power industrial cooling. The Commercial Vehicle segment offers axles, driveshafts, hybrid and electric transmissions, e-axle and e-transmission systems, inverters, electric motors, and controllers. The company also provides electrodynamic technologies, sealing solutions, thermal-management technologies, and digital solutions. It serves vehicle manufacturers in the global light vehicle and medium/heavy vehicle markets. Formerly known as Dana Holding Corporation, it changed its name to Dana Incorporated in August 2016. Founded in 1904, it is headquartered in Maumee, Ohio.
Eaton to Acquire Boyd Thermal and Separate Mobility Unit in Dana Merger
Eaton announced a major portfolio reshaping that includes acquiring Boyd Thermal and separating its Mobility business, which is planned to be carved out and merged with Dana Incorporated to create a new combined vehicle systems entity. Eaton shareholders are expected to retain a controlling ownership stake in the merged Mobility and Dana business after completion. The Boyd Thermal deal and the Mobility merger with Dana shift Eaton toward electrical and aerospace while reshaping its remaining portfolio. Management still has to integrate Boyd, ramp capacity such as the Schrems expansion and run the complex Mobility merger with Dana without tripping margins, while competitors like Schneider Electric and ABB push hard into data center power and thermal content.
Energy Transition & Power Demand › Grid, Transmission & Power Equipment Competition
ETN · Capital · Neutral Eaton is acquiring Boyd Thermal and carving out Mobility into a Dana merger, reshaping its portfolio toward electrical/aerospace while retaining a controlling stake.
DAN · Capital · Positive Dana will merge with Eaton's separated Mobility unit to create a combined vehicle systems entity, a major M&A event for Dana.
Boyd Thermal · Capital · Positive Boyd Thermal is being acquired by Eaton, a direct M&A event for the company.
Dana Raises 2026 Sales Guidance to $7.65b–$7.85b, Buyback Underway
Dana raised its full-year 2026 sales guidance to a range of $7.65 billion to $7.85 billion following its second-quarter results and an update on share repurchases. The company is also executing an accelerated buyback that could reduce its share count by roughly 25%, while using proceeds from the Off-Highway sale to cut leverage below 1 times EBITDA. A widely followed narrative places Dana's fair value at $37.57 per share, implying the stock is about 24% undervalued relative to its last close of $28.44. The valuation case rests on faster revenue growth, sharply higher margins, and the tighter share count, though heavier customer concentration and any shortfall in cost savings could challenge that view.
Dana declares quarterly dividend of $0.12 per share
Dana Incorporated announced that its board of directors has declared a quarterly dividend of $0.12 per share on its common stock. The dividend is payable on August 28, 2026, to shareholders of record as of August 7. Dana is a global leader in propulsion solutions for light- and commercial-vehicle markets, headquartered in Maumee, Ohio.
Brodsky & Smith investigates boards of five companies over merger fairness
Brodsky & Smith is investigating the boards of Personalis, Distribution Solutions Group, Cross Country Healthcare, Nuvalent, and Dana Incorporated for potential fiduciary duty breaches in connection with their proposed acquisitions. Personalis is being acquired by Tempus AI for $16.25 per share, representing a total enterprise value of $1.5 billion net of Tempus’ existing ownership. Distribution Solutions Group is being acquired by LKCM Headwater Investments for $35.00 per share in cash, with LKCM Headwater and its affiliates already owning approximately 79% of the company’s outstanding common stock. Cross Country Healthcare is being acquired by Knox Lane for $13.25 per share in an all-cash transaction valued at $437 million. Nuvalent is being acquired by GSK for $124.00 per share in cash in a deal valued at $10.6 billion. Dana is being acquired by Eaton in a transaction valued at approximately $5.1 billion, where Eaton shareholders will own at least 50.1% and Dana shareholders approximately 49.9% of the combined company at close, and Eaton will receive a cash distribution of approximately $1.1 billion. The investigations focus on whether the boards failed to conduct a fair process and whether the proposed transactions pay fair value to shareholders.
Dana Inc. Gains Analyst Support as Eaton Mobility Deal Advances
Dana Inc. is advancing a major acquisition of Eaton's Mobility Group through a Reverse Morris Trust transaction that is expected to enhance its long-term business profile. Deutsche Bank lowered its price target on Dana to $39 from $40 on July 7 while maintaining a Buy rating, implying a 53% upside from current levels. The deal involves Eaton transferring its Vehicle and eMobility business into a new entity, SpinCo, which will then merge with Dana, with a Dana subsidiary also acquiring Royal Precision Holding Corp. from Eaton. A $2.6 billion short-term bridge loan commitment from Goldman Sachs will help fund an approximately $1.1 billion cash payment to Eaton and refinance certain existing Dana debt, though the transaction still requires Dana shareholder approval and regulatory clearances.
Halper Sadeh LLC Investigates Fairness of Deals for DAN, ESI, NUVL, BOLD Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating whether the proposed transactions involving Dana Incorporated, Element Solutions Inc, Nuvalent Inc, and Boundless Bio Inc are fair to their shareholders. The firm is examining Dana's sale to Eaton Corporation, where Dana shareholders would own approximately 49.9% of the combined company, and Element Solutions' sale to Solstice Advanced Materials for $10.00 in cash and 0.500 shares of Solstice common stock per Element share, with Element shareholders expected to own about 44% of the combined entity. It is also looking into Nuvalent's sale to GSK for $124.00 per share in cash and Boundless Bio's merger with Serapha Bio, where Boundless Bio shareholders would hold roughly 3.7% of the combined company. Halper Sadeh may seek increased consideration or additional disclosures on behalf of shareholders, who can contact the firm at no cost to discuss their legal rights.
BOLD · Capital · Neutral Investigation into fairness of merger with Serapha Bio may lead to increased consideration or additional disclosures.
BOLD · Regulation · Neutral Investigation into fairness of merger with Serapha Bio may lead to increased consideration or additional disclosures.
DAN · Capital · Neutral Investigation into fairness of sale to Eaton Corporation may lead to increased consideration or additional disclosures.
DAN · Regulation · Neutral Investigation into fairness of sale to Eaton Corporation may lead to increased consideration or additional disclosures.
ESI · Capital · Neutral Investigation into fairness of sale to Solstice Advanced Materials may lead to increased consideration or additional disclosures.
ESI · Regulation · Neutral Investigation into fairness of sale to Solstice Advanced Materials may lead to increased consideration or additional disclosures.
Barclays downgrades Dana to Equal Weight, cuts price target to $33
Barclays downgraded Dana Incorporated to Equal Weight from Overweight and lowered its price target to $33 from $41 following the company's acquisition of Eaton's Mobility Group. The firm acknowledged the deal should enhance Dana's long-term business profile through higher margins, increased aftermarket exposure, and greater scale, but believes shareholders may need to wait before these benefits are fully reflected in the valuation. Barclays also noted that the absence of share repurchases over the next two and a half years could limit near-term upside. Earlier, on June 12, Wells Fargo reduced its price target on Dana to $33 from $36 while maintaining an Equal Weight rating, citing ambitious long-term integration and financial targets that will require effective execution.
Wall Street upgrades Palantir, Chevron, Adobe; downgrades SkyWest, Greenbrier
HSBC upgraded Adobe to Buy from Hold with a price target of $308, up from $282, arguing the market overestimates the adverse impact of AI-based design tools. DA Davidson upgraded Palantir to Buy from Neutral with a price target of $175, up from $165, noting the company has grown into its valuation as profits rose significantly and the stock's multiple contracted. Wolfe Research upgraded Chevron to Outperform from Peer Perform with a $210 price target, citing incremental production options that extend the free cash flow growth outlook beyond 2030. Needham upgraded Silicom to Buy from Hold with a $60 price target after the company announced material progress with a new AI inference customer, resulting in initial production orders. TD Securities upgraded BCE to Buy from Hold with an unchanged price target of C$37, calling the 13% selloff since early June unjustified and an attractive entry point. On the downgrade side, Goldman Sachs cut SkyWest to Neutral from Buy with a price target of $108, down from $126, citing downside risk to block hours. Susquehanna downgraded Greenbrier to Neutral from Positive with an unchanged price target of $52, pointing to a lack of visibility on improved builds and tariffs. Barclays downgraded Dana to Equal Weight from Overweight with a price target of $33, down from $41, believing the path to a higher valuation multiple will take time. DA Davidson downgraded AGNT Inc. to Neutral from Buy with a price target of $6.50, down from $10.25, as checks suggest core U.S. agent count trends resumed their downward trajectory midway through Q2. China Renaissance downgraded Trip.com to Hold from Buy with a $42 price target. Among new initiations, BMO Capital started Honeywell Aerospace with an Outperform rating and $276 price target, implying 21% upside. JPMorgan resumed coverage of On Holding with an Overweight rating and $51 price target, placing the shares on Positive Catalyst Watch. RBC Capital initiated NiSource with an Outperform rating and $52 price target, highlighting a rare combination of above-peer EPS growth and a favorable data center setup in Indiana. RBC Capital also initiated PSEG with a Sector Perform rating and $81 price target, noting the New Jersey regulatory overhang is potentially alleviating but wanting more clarity. KeyBanc initiated Waystar with an Overweight rating and $30 price target, seeing a large valuation disconnect given the company's high-margin growth story with large moats.
Thursday’s Top Analyst Calls: Adobe, Palantir Upgraded; Dana, SkyWest Downgraded
Wall Street analysts issued several notable rating changes on Thursday. HSBC upgraded Adobe to Buy and raised its price target to $308 from $282, while DA Davidson upgraded Palantir Technologies to Buy with a $175 target. Wolfe Research upgraded Chevron to Outperform with a $210 target. On the downgrade side, Barclays cut Dana to Equal Weight with a $32 target, and Goldman Sachs downgraded SkyWest to Neutral, trimming its target to $108 from $126. New coverage initiations included BMO Capital starting Honeywell Aerospace with an Outperform rating and a $276 target, and Daiwa initiating Space Exploration Technologies with a Neutral rating and a $175 target.
Halper Sadeh LLC Investigates Whether LCII, NUVL, DAN, TMHC Are Obtaining Fair Deals for Their Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating LCI Industries, Nuvalent, Dana Incorporated, and Taylor Morrison Home Corporation for potential violations of federal securities laws or breaches of fiduciary duties to shareholders in connection with their proposed sales. The firm is examining LCI Industries' sale to Patrick Industries for 1.2440 shares of Patrick common stock per LCI share, Nuvalent's sale to GSK for $124.00 per share in cash, Dana's sale to Eaton Corporation where Dana shareholders would own approximately 49.9% of the combined company, and Taylor Morrison's sale to Berkshire Hathaway for $72.50 per common share in cash. Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief on behalf of shareholders, and encourages them to contact the firm to discuss their rights at no cost.
Wells Fargo Cuts Dana Price Target to $33, Cites Ambitious Merger Synergies
Wells Fargo lowered its price target on Dana Incorporated to $33 from $36 while maintaining an Equal Weight rating, pointing to the company's planned merger with Eaton's mobility business. The firm noted the transaction will increase Dana's exposure to the aftermarket and commercial vehicle markets, but said growth expectations and projected synergies appear ambitious. Reuters reported on June 11 that the deal values Eaton's mobility unit at approximately $5.1 billion, with Eaton shareholders owning at least 50.1% of the combined company and Dana shareholders holding about 49.9% at closing, expected in the first quarter of 2027. The combined company, which will continue as Dana Inc., is expected to have an enterprise value of more than $10 billion and generate $250 million in run-rate cost synergies within 24 months of closing.
Halper Sadeh LLC Investigates Dana, Roku, TruBridge, and Affinity Bancshares Deals
Halper Sadeh LLC, an investor rights law firm, is investigating whether the proposed sales of Dana Incorporated, Roku, Inc., TruBridge, Inc., and Affinity Bancshares, Inc. are obtaining fair deals for their shareholders. The firm is examining Dana's sale to Eaton Corporation plc, under which Dana shareholders would own approximately 49.9% of the combined company, Roku's sale to Fox Corporation for $96.00 in cash and 0.9693 shares of Fox Class A common stock per Roku share, TruBridge's sale to Inventurus Knowledge Solutions, Inc. for $26.25 per share in cash, and Affinity Bancshares' sale to Fidelity BancShares (N.C.), Inc. for $23.00 per share in cash, subject to adjustment. Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief on behalf of shareholders, and encourages them to contact the firm to discuss their rights at no cost.
Eaton to merge mobility business with Dana in deal valuing combined company at over $10 billion
Eaton Corporation announced an agreement to separate its mobility business and combine it with Dana, creating a combined company valued at over $10 billion. Eaton's Mobility Group is valued at approximately $5.1 billion under the deal, and Eaton will receive a cash distribution of around $1.1 billion, subject to adjustments. The transaction, expected to close in the first quarter of 2027 pending Dana shareholder approval and regulatory clearances, will allow Eaton to focus on its electrical and aerospace businesses. The new entity, operating as Dana Inc., is projected to achieve $250 million of run-rate cost synergies within 24 months of closing.
Brodsky & Smith investigates Arcosa, Fathom, Nuvalent, and Dana boards over merger deals
Brodsky & Smith is investigating the boards of Arcosa, Fathom Holdings, Nuvalent, and Dana Incorporated over potential fiduciary duty breaches in their respective merger agreements. Arcosa is being acquired by CRH for $150.00 per share in cash, with a total enterprise value of approximately $8.5 billion. Fathom Holdings is being acquired by Bed Bath & Beyond in a deal implying an equity value of about $53.38 million, with an exchange ratio of 0.2236 Bed Bath & Beyond shares per Fathom share. Nuvalent is being acquired by GSK for $124.00 per share in cash in a deal valued at $10.6 billion. Dana is being acquired by Eaton Corporation in a transaction valued at approximately $5.1 billion, where Eaton shareholders will own at least 50.1% and Dana shareholders approximately 49.9% of the combined company, and Eaton will receive a cash distribution of about $1.1 billion.
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