Dana Corp.'s battered stock price took another hit yesterday after a UBS Warburg analyst cut his 2003 earnings forecast for the Toledo auto supplier from $1.50 to $1.25 a share.
The company's stock closed at 4 p.m. yesterday on the New York Stock Exchange at $11.43 a share, down 47 cents. The stock's closing price is near its 52-week low of $9.28 and less than half its 52-week high of $23.22.
UBS Warburg analyst Rob Hinchliffe cut his earnings forecast for Dana and two other suppliers, citing declining vehicle sales and likely production cuts among the traditional Big 3.
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