Fiat Chrysler saw its U.S.-listed shares spike more than 6 percent on Friday, boosted by an upgrade at Goldman Sachs.
Analysts at Goldman added the auto maker’s stock to the firm’s “conviction list” and raised their price target to $17.50 from $10.60. In a Friday note, they said: “In our view the market significantly underappreciates FCA’s ability to improve its NAFTA price-mix … via shifting production away from mass-market cars and into more profitable vehicles.”
Goldman also raised its earnings 2017-2018 earnings estimates for the Italian-American auto maker.
Evercore ISI analysts echoed Goldman’s remarks in a separate note: “Conversations with investors suggest an increasing realization that consensus (is) too low.”
Fiat shares have been on a role lately. The stock was posted a six-day winning streak and has gained around 60 percent over the past three months.
Fiat Chrysler 33-month chartSource: FactSet
Source : CNBC