Citi Downgrades Goodyear Tire (GT) to Hold
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Citi downgrades Goodyear Tire & Rubber Co (NYSE: GT) from Buy to Hold. Price target increased from $9 to $12.
Citi analyst says, "We are downgrading GT shares to Hold from Buy following a near doubling in the shares YTD and outperformance relative to global tire makers. Although the company possess a strong leading position in the tire market and has shown an ability to restructure and mitigate market pressures including overcapacity, we believe the current valuation appears fair when compared with stronger financially positioned peers. Our rating reflects Goodyear's leading market position and our expectation that the company continues to restructure successfully to offset soft demand. Goodyear participates in a concentrated industry with a consistent leading market position supported by its strong portfolio of brands, which should lead to revenue stability through pricing and branding discipline."
The Goodyear Tire & Rubber Company (Goodyear) is a manufacturer of tires.
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