Fiat is doing well, but the competition will intensify. It is still a story with an element of risk. |
It is conventional but credible. There is no big announcement and that is why the stock's down. |
Reiteration of a mid-term target of 6% group operating margin without a time frame undermines, in our view, management credibility, as it appears to rely on continued cost-cutting momentum and a reversal in the raw material and currency price moves of the past three to four years. |