BUZZ-Dana shares soar after cost reduction target boosted

** Shares of Dana DAN.N soar 15.4% to $15.27, highest since Sept 2023, on Fri after auto components provider releases preliminary 2024 results, FY 2025 guidance, and boosts cost-savings plans

** DAN shares top performers in S&P 1500 .SPSUP and tracking biggest one-day pct advance since Apr 2020

** Maumee, Ohio-based firm early Fri said cost-savings actions are "well underway" and it increased cost reduction target to $300 mln, up from $200 mln, by 2026

** "Our 2025 outlook reinforces the impact of these actions, which will help solidify Dana's leadership position and enable us to capitalize on the strength of our traditional on-highway businesses while remaining a leader in the EV (electric vehicle) transition," CEO R. Bruce McDonald said

** Co expects preliminary sales for FY 2024 of $10.3 bln, in-line with prior guidance, and sees 2025 sales of $9.53-$10.03 bln

** Analysts had expected 2025 sales of $9.83 bln, per LSEG

** Co also announced changes to reportable business segments to take effect in Q1. New segments will be: Light Vehicle Systems and Commercial Vehicle Systems

** With move on Fri, shares up ~32% YTD, following 21% drop in 2024

** Of 9 analysts covering DAN, recommendation breakdown is 5 "buy", 2 "hold" and 2 "sell" ratings; median PT of $16 up from $14 a month ago and from $9 on Nov 24 - LSEG