UPDATE 3-Volkswagen cuts profit goal, but less than feared

Newswire

(Adds comments from conference call) By Christiaan Hetzner FRANKFURT, July 23 (Reuters) - Volkswagen slashed its 2004 profit target on Friday following weak first half earnings but shares in Europe's largest carmaker climbed because many investors had feared even worse future guidance. Chief Executive Bernd Pischetsrieder sought to soften the impact further by describing the new operating profit forecast of 1.9 billion euros ($2.33 billion) before special items as a "worst-case" ...

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