Goodyear Tire & Rubber Co. Given “Buy” Rating at Deutsche Bank (GT)
Goodyear Tire & Rubber Co. (NYSE:GT)‘s stock had its “buy” rating reaffirmed by analysts at Deutsche Bank in a research report issued to clients and investors on Thursday, American Banking News reports. They currently have a $23.00 price target on the stock, up from their previous price target of $21.00. Deutsche Bank’s target price would indicate a potential upside of 4.07% from the company’s current price.
The analysts wrote, “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.”
GT has been the subject of a number of other recent research reports. Analysts at Argus raised their price target on shares of Goodyear Tire & Rubber Co. (NYSE:GT) from $17.00 to $22.00 in a research note to investors on Monday, August 12th. They now have a “buy” rating on the stock. Separately, analysts at Citigroup Inc. raised their price target on shares of Goodyear Tire & Rubber Co. (NYSE:GT) from $20.00 to $24.00 in a research note to investors on Wednesday, July 31st. They now have a “buy” rating on the stock. Finally, analysts at Ned Davis Research upgraded shares of Goodyear Tire & Rubber Co. (NYSE:GT) from a “neutral” rating to a “buy” rating in a research note to investors on Monday, June 17th.
One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $17.71.
Shares of Goodyear Tire & Rubber Co. (NYSE:GT) traded down 1.13% on Thursday, hitting $21.85. The stock had a trading volume of 706,364 shares. Goodyear Tire & Rubber Co. has a 52 week low of $10.91 and a 52 week high of $22.36. The stock has a 50-day moving average of $19.18 and a 200-day moving average of $15.26. The company has a market cap of $5.375 billion and a P/E ratio of 17.71.
Goodyear Tire & Rubber Co. (NYSE:GT) last released its earnings data on Tuesday, July 30th. The company reported $0.67 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.19. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.88 billion. During the same quarter in the prior year, the company posted $0.56 earnings per share. The company’s quarterly revenue was down 4.9% on a year-over-year basis. On average, analysts predict that Goodyear Tire & Rubber Co. will post $2.46 earnings per share for the current fiscal year.
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company, together with subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for a range of applications.
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