KeyBanc Downgrades Cooper Tire & Rubber (CTB) to Underweight
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KeyBanc downgrades Cooper Tire & Rubber (NYSE: CTB) from Hold to Underweight. Price target $5.
KeyBanc analyst says, "Dealers are cutting inventories sharply in the 4Q as retail sales are very soft and dealers believe they can buy tires at lower prices next year. While raw material costs are coming down sharply (could be down by about 13% in 2009 vs. average of 2008), global overcapacity could drive selling prices lower, thus eating into some of the benefits anticipated from lower raw material costs. Chinese tire capacity is excessive as the plants announced two to four years ago are now starting up. Cooper may revert to a loss in Asia in 4Q08 as conditions there have dramatically softened. Some of our contacts at the SEMA Show suggest that several tire plants may not reopen post the Chinese New Year.
Cooper Tire & Rubber Company is a manufacturer of replacement tires. Cooper focuses on the manufacture and sale of passenger and light truck replacement tires.
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