UPDATE: BofA/Merrill Lynch Downgrades Goodyear Tire & Rubber (GT) to Underperform

April 26, 2013 10:37 AM EDT Send to a Friend
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Price: $26.45 -0.11%

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    7 Buy, 3 Hold, 2 Sell

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    Up: 17 | Down: 28 | New: 35
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(Updated - April 26, 2013 11:42 AM EDT)

BofA/Merrill Lynch downgraded Goodyear Tire & Rubber (NASDAQ: GT) from Neutral to Underperform with a price target of $10.

The downgrade follows the company's Q1 report, which the bank says showed a negative price/mix for the first time in three years. Analyst John Murphy also expressed concerns about volume outlook, calling it "disconcerting."

Cooper Tire & Rubber Co. (NYSE: CTB) was also downgraded, taken from Buy to Neutral. Both stocks are lower.

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 $12.94 yesterday.


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