DMLRY - Dana Starting To Deliver On Its EV Opportunities And The Street Has Noticed

• Dana has announced multiple commercial vehicle EV awards, including projects with Daimler and Oshkosh that will launch this year.
• The auto chip shortage is unlikely to hurt Dana much, as OEMs are prioritizing chip supplies toward higher-margin pickups and SUVs, which is Dana's passenger vehicle focus.
• Stronger awards (particularly in content per vehicle) lead me to more robust revenue growth assumptions, and Dana's opportunity in commercial/off-road is particularly attractive (less risk of OEM insourcing).
• Dana shares still have upside toward $30 and high-single-digit long-term total return potential.

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