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Sell Fiat After Share Gain; Buy Renault, Daimler: Macquarie 2014-01-03 07:54:38.579 GMT
By Brian Lysaght Jan. 3 (Bloomberg) -- Fiat’s Chrysler buyout is attractive deal, is priced in after yday’s gain, is last positive news for Fiat in “forseeable future,” Macquarie says in note. * Reiterates underperform, raises PT to EU5.5 (20% downside) from previous EU4.8, raises EPS ests. * Fiat core markets to be challenging, co. debt is rising issue * Says buy Daimler and Renault (both outperform); Renault/Nissan alliance is proven success, Renault product pipeline superior to Fiat’s: Macquarie * Exane (underperform) says in note that deal funding isn’t positive surprise, Fiat needs “major capital hike” * Fiat has 6 buys, 8 holds, 13 sells: Bloomberg data * See earlier: Fiat-Chrysler May Issue Convertible Bond, List on NYSE, FT Reports * Marchionne Caps Fiat-Chrysler Mission on a Florida Beach * Yday: Fiat Surges After Buying Rest of Chrysler
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--Editor: Gaurav Panchal
To contact the reporter on this story: Brian Lysaght in London at +44-20-7330-7908 or blysaght@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net