UPDATE 2-Fiat to look at raising 08 targets-CEO

(recasts, adds CEO quotes, details)

By Gianni Montani and Stefan Rebaudo

TURIN, Italy, March 31 (Reuters) - Italian industrial group Fiat confirmed on Monday its aim to post a higher profit this year, and said it would look at whether to raise the target in the second or third quarter, sending its share higher.

"All the targets fixed for 2008 are confirmed," Chief Executive Sergio Marchionne told a news conference after the annual meeting for shareholders.

"I don't have the slightest intention of raising targets in the first quarter," he said."We'll see what we can do in the second and third quarters."

Fiat (FIA.MI) shares ended 3.14 percent higher at 14.63 euros, outperforming the DJ Stoxx index of auto sector index .SXAP, which was last quoted down 0.07 percent.

"The latest comments from Marchionne have certainly helped (the share price)," said one dealer.

Marchionne said the targets were based on the view that turmoil in financial markets would have a limited impact on the economy, adding that there was "little likelihood" of a big drop in consumer spending as a result of it.

If spending were to drop, "Fiat thinks it can fully sustain the financial impact ... even if it means a reduction in operating performance and margins," he said.

Fiat, which competes with France's Renault (RENA.PA) for fifth place in Europe by autos market share, is aiming for a higher trading profit of up to 3.6 billion euros ($5.68 billion) this year against 3.23 billion euros in 2007. Although some car makers including France's PSA Peugeot-Citroen (PEUP.PA) have forecast a potential downturn in European sales in 2008, others such as Renault have been more upbeat.

For the first quarter, Marchionne said results were in line with expectations. Those numbers come out on April 24.

Marchionne also gave an idea of what to expect from new car sales figures for March in Italy, saying they were "pretty sad" even though business in general was going well.

The government puts out the monthly figures on Tuesday.

Orders for Fiat's revamped Cinquecento (500) had topped 182,000, nearing this year's target of up to 190,000, he said.

Marchionne also confirmed the 2008 sales target of 120,000 units for the Bravo, Fiat's answer to the Volkswagen (VOWG.DE) Golf.

By 2010, Fiat will be coming out with a sports utility vehicle and a premium car, he added.

Following Tata's (TAMO.BO) purchase of the Jaguar and Land Rover premium brands, Fiat was ready to discuss a possible cooperation with its India partner. For the moment, "there is no plan to talk about," he said. (Additional reporting by Andrea Mandala; Writing by Gilles Castonguay and Jo Winterbottom; Editing by Quentin Bryar and Andrew Callus)