UPDATE 1-RESEARCH ALERT-Sal Oppenheim cuts Volkswagen to reduce


Feb 21 (Reuters) - VOLKSWAGEN Current Prior Rating Reduce Neutral --Sal Oppenheim downgraded the world's fourth-largest carmaker, after its shares rose sharply on Tuesday on better-than-expected earnings and an impressive 2006 industrial free-cash-flow of 5.6 billion euros. --The brokerage said it believed the market was too bullish on the sustainability of earnings beyond 2008, and was expecting an overly strong free-cash generation. (Reporting by Nitya Rao in Bangalore)

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