UPDATE: Deutsche Bank Raises PT to $19 on Cooper Tire & Rubber; Q1 Beat

Deutsche Bank raises its price target from $18.50 to $19 on Cooper Tire & Rubber

as it reaffirms its Hold rating on shares following a strong Q1 report. Deutsche Bank comments, "Cooper Tire reported stronger than expected Q1 earnings of $0.34 vs. our $0.27 estimate. Margins were significantly higher than we expected (op. margin was 4.8% vs. our 3.9% est.). All of the upside vs. our estimates was derived from lower than expected raw material inflation. Nonetheless, the results were impressive considering that they were achieved despite $0.32 of strike related costs. This reinforces our view that tire companies are becoming more profitable at any volume. We maintain our Hold based on uncertainty surrounding structural industry changes." CTB closed at $15.99 on Wednesday.