Dana Inc

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.

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.

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.

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.