In a report published Thursday, Deutsche Bank analyst Rod Lache reiterated a Buy rating on The Goodyear Tire & Rubber Company GT, and raised the price target from $21.00 to $23.00.
In the report, Deutsche Bank noted, “Based on discussions with industry contacts, we would not be surprised to see another quarter of below average volume performance, which would be consistent with GT's strategy of prioritizing profitability over volume. Feedback from industry contacts suggests intense price competition at the low end of the tire market. The good news is that Goodyear appears to be above the fray (at the high end). And we believe that the company's strategy will pay dividends in an industry recovery.”
The Goodyear Tire & Rubber Company closed on Wednesday at $22.10.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in