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Robert W. Baird Cuts Opinion on Dana

Robert W. Baird cut its investment opinion on Dana (DCN) to underperform from neutral, citing the company's recent downward revision on earnings guidance.

Analyst David Leiker said Dana disappointingly chopped its guidance in half; the company is now forecasting between 60 cents and 70 cents 2005 earnings per share. The shortfall reflects higher material costs, the company's inability to achieve expected cost reductions in its Commercial Vehicle business, and manufacturing inefficiencies in the Commercial Vehicle business. Given the lower outlook, the company is reassessing whether or not it will have to write down its US deferred tax assets; the second quarter could be restated, tax benefits reversed, and covenants could be violated. Leiker thinks this has negative implications for supplier stocks and would not buy any supplier stocks at the moment.

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