Goodyear Tire & Rubber Co GT shares traded higher after the company updated its growth plan at an investor meeting. The company reiterated its earlier financial targets for the current year.
The company indicated that its financial targets included $3 billion segment operating income a year for 2020. The tire firm predicts cumulative free cash flow of $.3 to $4.9 billion between the years 2017 and 2020.
Earlier this month, Deutsche Bank upgraded the stock from Hold to a Buy rating and increased target price from $29 to $37 on the expectation of cash flow driving the valuation in the upcoming years.
Commenting on the financial update, Goodyear Chairman, CEO and President Richard Kramer said, "Our strategy is built to take advantage of key industry drivers including the transition to increasingly complex, large-rim diameter tires and the growing influence of empowered consumers in all aspects of the tire buying process."
At time of writing, Goodyear was up 5.65 percent on the day, trading at $32.55.
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