Berenberg Starts Fiat Chrysler Automobiles NV (FCAU) at Hold
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Berenberg initiates coverage on Fiat Chrysler Automobiles NV (NYSE: FCAU) with a Hold rating and a price target of EUR7.70.
Analyst Alexander Haissl commented, "We initiate on Fiat Chrysler Automobiles (FCA) with a Hold rating and a price target of €7.7, as we see meaningful upside risks from asset divestments being offset by cycle headwinds. Further asset divestments/spin-offs (Magneti Marelli, Maserati) have the potential to make FCA debt-free, which would re-rate the equity meaningfully. However, for the bull case to materialise the US cycle needs to be supportive, as solid cash flows from Chrysler offset cash burn from Fiat’s core business in the past."
Shares of Fiat Chrysler Automobiles NV closed at $7.54 yesterday.
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