CORRECTED-RPT-Fiat-Chrysler cuts 2012 targets, beats forecasts

(Corrects 2012 new revenue target to 77 bln euros from 75 bln euros in first paragraph; also Chrysler 2012 profit target reference in last paragraph)

MILAN Feb 1 (Reuters) - Italian car maker Fiat-Chrysler cut its 2012 revenue target to 77 billion euros to reflect slowing demand for cars in a weakening European economy, and said it will not pay a dividend for ordinary shares in 2011.

However, Fiat forecast a trading profit at between 3.8 to 4.5 billion euros in 2012, higher than analysts had expected, sparking a rally in its shares.

Fiat reported a fourth quarter trading profit of 765 million, bang in line with forecasts, as its U.S. operations at Chrysler contributed 639 million euros.

Chrysler's strength offset Fiat Group Automobiles (the grouping of Fiat, Lancia and Alfa Romeo brands) weakness, as the unit fell into a trading loss of 15 million -- much worse than then the 105 million euros profit expected.

Fiat-Chrysler's previous 2012 revenue target had been 85 billion euros. A cut in targets had been widely flagged by the company.

Shares were up 6.2 percent at 1244 GMT, after been briefly suspended limit up after the results.

On Wednesday Chrysler reported its first yearly profit since 1997 and said its 2012 profit would be eight times higher on auto sales and lower costs.. (Reporting by Jennifer Clark)