Berenberg Starts Goodyear Tire & Rubber (GT) at Buy
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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."
Shares of Goodyear Tire & Rubber closed at $29.92 yesterday.
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