STOCKS NEWS EUROPE-Fiat rises as ICAP double upgrades

Shares in Fiat (FIA.MI) rise 2.5 percent after ICAP raises its recommendation to "buy" from "sell".

In a note, ICAP points to the shares having fallen back "despite the underlying fundamentals of the automotive market improving."

It says Fiat may benefit from sales of certain businesses. It also advocates a "trading buy" for investors with a shorter time horizon, ahead of the company's second-quarter results on July 22.

ICAP says it exepcts the results to show "quite a dramatic recovery in car unit volumes sold and as a result of this a return to the group making an operating profit in the quarter, rather than a loss which they reported in the first quarter."

The DJ STOXX European Auto Index .SXAP rises 2 percent. Reuters Messaging rm://brian.gorman.thomsonreuters.com@reuters.net