Deutsche Bank Downgrades Cooper Tire & Rubber (CTB) to Hold On Valuation After Q4 Results

Deutsche Bank downgraded Cooper Tire & Rubber (NYSE: CTB) from Buy to Hold with a price target of $18.50 (up from $18) despite strong Q4 EPS of $0.51; ahead of the firm's $0.41 estimates and the consensus of $0.39. The firm cited valuation for the downgrade.

The firm comments, "Underlying performance was actually stronger than it appeared as Q4 was impacted by $0.11 of costs related to the lockout at CTB's Findlay union workers. Q4 operating income was $60MM vs. $49MM est. The upside was driven by a combination of better than expect pricing ($128MM benefit Q4 vs. our $117MM est) and better N.A. volumes (up 4.0%, vs. our -2% est and considerably better than the 3.4% industry decline). We are lowering CTB to Hold based on valuation."

For an analyst ratings summary and ratings history on Cooper Tire & Rubber click here. For more ratings news on Cooper Tire & Rubber click here.

Shares of Cooper Tire & Rubber closed at $17.82 yesterday.

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