Fiat "buy"

03/14/07 - Dresdner Kleinwort Wasser.

LONDON, March 14 (newratings.com) - Analysts at Dresdner Kleinwort maintain their "buy" rating on Fiat Spa (FIAT-EUR). The target price is set to €19.60.

In a research note published yesterday, the analysts mention that Western European car sales declined by 2.9% in February, mainly due to the German VAT hike. The analysts add, however, that Fiat Auto sales rose 8% y/y last month. The Fiat brand grew 7.6% y/y in February, against tough comps, Dresdner Kleinwort adds.