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    Friday, November 20, 2009

    Fiat Cut To Neutral From Buy At UBS

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    By Barbara Kollmeyer
    MarketWatch Pulse
       

      MADRID -- Italian automaker Fiat was cut to neutral from buy on Friday at UBS, which said it sees lower equity value for Chrysler. UBS said it continues to see value in Fiat as an agent of transformational change and not owning it is akin to a "risky bet against structural change in European autos." UBS said it has cautious views on auto demand in Europe and Brazil, as well as slow recoveries in trucks and machinery. A European scale deal remains a requirement for Fiat to spin off its auto business, with PSA Peugeot Citroen a likely candidate, said UBS. Near term, UBS views 10 euros per share as fair for the consolidated operations but its value of Chrysler to Fiat has been cut to 1 euro from 2 euros previously.

      Copyright © 2009 MarketWatch, Inc.

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