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UPDATE: Deutsche Bank Downgrades Goodyear Tire & Rubber on Revisited Supply/Demand Analysis

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In a report published Monday, Deutsche Bank analyst Rod Lache downgraded the rating on The Goodyear Tire & Rubber Company (NASDAQ: GT) from Buy to Hold, and lowered the price target from $29.00 to $26.00.

In the report, Deutsche Bank noted, “We have increasingly focused our attention on the steady drumbeat of new tire capacity announcements, and the record high levels of capex from the Global Tire Industry. Based on this, we have revisited our proprietary Global Tire Industry Supply/Demand analysis. Our conclusion is that the mid-term (i.e. 2-3 years) outlook for margins (due to supply/demand and competitiveness) may not be as clear as it has been in over the past 2-3 years. While we still see Goodyear's shares as attractively valued based on our near term estimates, intermediate term uncertainty leads us to take a more Neutral stance on Goodyear's shares.”

The Goodyear Tire & Rubber Company closed on Friday at $22.63.

Latest Ratings for GT

DateFirmActionFromTo
Apr 2021Morgan StanleyDowngradesOverweightEqual-Weight
Mar 2021KeyBancMaintainsOverweight
Feb 2021Morgan StanleyUpgradesEqual-WeightOverweight

View More Analyst Ratings for GT
View the Latest Analyst Ratings

 

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Posted-In: Deutsche Bank Rod LacheAnalyst Color Downgrades Analyst Ratings

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