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UPDATE 1-RESEARCH ALERT-JP Morgan initiates Dana Holding

Tue Jul 8, 2008 8:00am EDT

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(Changes source, adds details)

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July 8 (Reuters) - J.P. Morgan Securities initiated Dana Holding Corp (DAN.N) with an "overweight" rating, saying the auto parts maker's stock was cheap and that the company looked set for an operational turnaround.

JP Morgan said the company, which emerged from bankruptcy in February this year, has a good management, a low-leverage balance sheet and bankruptcy-achieved cost savings.

Dana seemed willing to redo its assets portfolio, the brokerage said in a note to clients. "We sense there are no sacred cows, and any or all units could eventually be sold or partnered."

Dana's shares, which have lost more than 60 percent of their value since the company emerged from bankruptcy, closed at $4.95 Monday on the New York Stock Exchange. (Reporting by Vidya L Nathan in Bangalore; Editing by Amitha Rajan)

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