Goldman Sachs Upgrades Goodyear Tire & Rubber (GT) to Neutral; Challenges More Than Reflected
Tweet Send to a FriendGet Alerts GT Hot Sheet
Price: $15.10 -1.37%
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
4 Buy, 2 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade GT Now!
Goldman Sachs upgraded Goodyear Tire & Rubber (NYSE: GT) from Sell to Neutral with a price target of $13.00.
Analyst, Patrick Archambault, said, "We upgrade GT driven by (1) a second derivative
improvement in replacement tire volumes in North America, (2) easing raw material pressures with our tire cost index down 22% since its recent peak, and (3) reduced near-term pension cash contributions helping liquidity."
"While we believe that Goodyear continues to face a number of challenges including weak demand in Europe, a high cost footprint, weak cash flows, and a significantly underfunded pension plan, at current levels, this is more than reflected in the share price in our view." (FY12 EPS estimate raised from $2.12 to $2.22, FY13 from $2.93 to $3.26)
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 $10.04 yesterday, with a 52 week range of $8.53-$18.25.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, Patrick Archambault, said, "We upgrade GT driven by (1) a second derivative
improvement in replacement tire volumes in North America, (2) easing raw material pressures with our tire cost index down 22% since its recent peak, and (3) reduced near-term pension cash contributions helping liquidity."
"While we believe that Goodyear continues to face a number of challenges including weak demand in Europe, a high cost footprint, weak cash flows, and a significantly underfunded pension plan, at current levels, this is more than reflected in the share price in our view." (FY12 EPS estimate raised from $2.12 to $2.22, FY13 from $2.93 to $3.26)
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 $10.04 yesterday, with a 52 week range of $8.53-$18.25.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Oppenheimer Upgrades GameStop (GME) to Outperform
- UPDATE: Credit Suisse Upgrades SolarCity (SCTY) to Outperform
- Deutsche Bank Starts IHS Inc. (IHS) at Hold
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst EPS View, UpgradesRelated Entities
Goldman Sachs
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
