UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Goodyear Tire & Rubber Company on Reported EPS

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Goodyear Tire & Rubber Company

, but lowered its price target from $20.00 to $18.00. Deutsche Bank noted, “Goodyear reported EPS ex items of $0.39, compared with our $0.18 est. and cons. of $0.20. Segment operating income was $272 MM vs. our $223 MM est. Looking forward to 2013, Goodyear announced that it is targeting segment operating income of $1.4-$1.5 bn (EPS $2.00-$2.25). While this is slightly below DBe and consensus (cons. was $1.5 bn), we had been bracing for something weaker; so we were not disappointed. We also noted that GT is targeting approx. $400 MM of FCF in 2013 (before pension contributions), which would be decent performance considering the weak volumes in N.A. and Europe. We maintain our Buy recommendation based on valuation.” Goodyear Tire & Rubber Company closed on Tuesday at $13.86.