Jeep could be better off without Fiat Chrysler, according to a note from one Wall Street analyst.
Morgan Stanley analyst Adam Jonas issued a research note Monday that walks through a sum-of-the-parts analysis that suggests Jeep is worth more than Fiat Chrysler. The analysis puts Jeep's value at 120 percent of Fiat Chrysler's market capitalization.
The iconic off-road vehicle brand alone could account for nearly half of all Fiat Chrysler's sales by 2018, Jonas said.
Jeep has become a tremendously popular brand over the last several years, Jonas said. The company sold more than 1.4 million Jeeps worldwide in 2016. That is a four-fold increase over 2009, when Fiat took over Chrysler.