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UPDATE: Deutsche Bank Raises PT on Goodyear Tire & Rubber Following Industry Contact Discussions

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In a report published Thursday, Deutsche Bank analyst Rod Lache reiterated a Buy rating on The Goodyear Tire & Rubber Company (NASDAQ: 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.

Latest Ratings for GT

DateFirmActionFromTo
Oct 2014CitigroupMaintainsBuy
Oct 2014JP MorganMaintainsOverweight
Jul 2014JP MorganInitiates Coverage onOverweight

View More Analyst Ratings for GT
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Rod LacheAnalyst Color Price Target Analyst Ratings

 

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