UPDATE: Deutsche Bank Raises PT on Goodyear Tire & Rubber Following Industry Contact Discussions
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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.