UPDATE: Citigroup Reiterates Buy Rating, Raises PT on The Goodyear Tire & Rubber Company Following Strong Q2 Results

In a report published Wednesday, Citigroup analyst Itay Michaeli reiterated a Buy rating on

, and raised the price target from $20.00 to $24.00. In the report, Citigroup noted, “Following strong Q2 results. We're lifting our 2013-15 estimates and our price target to $24 from $20, on ‘14E EV/EBITDA (5x) and P/E (9.5x). Q2 wasn't just about a big EPS/FCF beat, but the long-awaited delivery of higher tire volume—finally breaking a streak that saw volume fall in each of the prior six quarters. This, plus a favorable H2 volume outlook, may start to lift a deep overhang on both the tire replacement cycle and Goodyear's market share. To that, we continue to see a looming U.S. volume tailwind from high-margin 1st tire replacements, for which Goodyear may be relatively better positioned.” The Goodyear Tire & Rubber Company closed on Tuesday at $18.56.