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Fly News Breaks for December 18, 2019
PUGOY, FCAU
Dec 18, 2019 | 09:10 EDT
Evercore ISI analyst Arndt Ellinghorst upgraded Fiat Chrysler (FCAU) to Outperform from In Line with a price target of EUR 16.50, up from EUR 11, after the boards of the company and peer Peugeot (PUGOY) formally signed a "50/50" combination agreement. The 12-15 month closing period is slightly longer than expected, but the deal terms are "broadly as expected" and he assumes a successful deal closing within 15 months, Ellinghorst tells investors.
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