This morning, both Jefferies and Morgan Stanley upped their price targets for Fiat Chrysler (FCAU), citing the company’s break-up potential. This follows recent media reports saying China’s Great Wall Motor is interested in acquiring part or all of Fiat Chrysler, and that the latter is considering spinoffs of its Maserati and Alfa Romeo brands, as well as its components operations.

GREAT WALL INTEREST: According to several media reports, China’s Great Wall Motor is said to be interested in acquiring part or all of Fiat Chrysler, with the company said to be expressing a specific interest in the Jeep business. The company, which said it has not been contacted by Great Wall and is currently focused on its five-year business plan, is seeking a partner or buyer to assist in managing costs, complying with regulations and developing electric and autonomous technology, Reuters said. Meanwhile, a report by Bloomberg said Fiat Chrysler is considering spinoffs of its Maserati and Alfa Romeo brands, as well as its components operations. The spinoffs would allow the automaker to focus on mass-market cars to make it “more attractive for a potential combination with a competitor,” sources told the publication.

BREAK-UP POTENTIAL: In a research note to investors, Jefferies analyst Philippe Houchois raised his price target for Fiat Chrysler to $19 from $14, citing his view of the increased probability of changes to the group’s structure. The analyst noted that China’s Great Wall and Fiat Chrysler “seem to be sizing each other up,” and while political objections are a given should a deal proceed, these can be managed in a transaction that has no national security implications. Additionally, Houchois told investors that the idea of an independent Maserati/Alfa-Romeo is “growing on” him, while reiterating a Buy rating on the stock. Meanwhile, his peer at Morgan Stanley also raised his price target for Fiat Chrysler to EUR15 from EUR14 to reflect the Maserati spinoff opportunity. Analyst Adam Jonas told investors in a research note of his own this morning that he sees potential for Maserati to be a stand-alone entity – entwined with Alfa Romeo – by the end of 2018, and forecasts Maserati sales to double by 2027. The analyst also pointed out that Fiat CEO Sergio Marchionne’s recent comments have “very clearly opened the door for potential separation of some of its businesses.” He reiterated an Overweight rating on Fiat Chrysler shares. Yesterday, Jonas had commented on the Great Wall Motor’s news, saying his “conservative value” puts the Jeep brand at 132% of Fiat Chrysler’s total share price. Further, the analyst said he sees the Jeep and Ram brands as having a total value of nearly twice the entire market cap of Fiat Chrysler.