Berenberg Starts Goodyear Tire & Rubber (GT) at Buy

November 22, 2016 8:15 AM EST
Get Alerts GT Hot Sheet
Price: $30.36 -0.59%

Rating Summary:
    10 Buy, 2 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 32 | New: 34
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Berenberg initiates coverage on Goodyear Tire & Rubber (NASDAQ: GT) with a Buy rating and a price target of $36.00.

Analyst Paul Kratz commented, "We initiate on Goodyear with a Buy rating and price target of $36: We view Goodyear as the best defensive play against a downturn in the US autos market. The group’s strong cost discipline and growth in the premium sector should lead to far more resilient margins in a downcycle. Trading on c5x 2017E EV/EBITDA, Goodyear screens well versus global tyre peers given its margin and revenue growth profile. On EBIT, we are c2-4% above consensus, reflecting our more bullish view on margins."

For an analyst ratings summary and ratings history on Goodyear Tire & Rubber click here. For more ratings news on Goodyear Tire & Rubber click here.

Shares of Goodyear Tire & Rubber closed at $29.92 yesterday.

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