Argus Downgrades Goodyear Tire & Rubber (GT) to Hold

Argus analyst David Coleman downgraded Goodyear Tire & Rubber (NASDAQ: GT) from Buy to Hold.

The analyst comments "We are lowering our rating on Goodyear Tire & Rubber Co. (NYSE: GT) to HOLD from BUY. Although Goodyear should benefit over time from growth in the electric vehicle market, it is facing pressure from rising costs, unfavorable currency translation, and weakness in the EMEA region. Management expects pressures from inflation to continue into 2023. We believe that GT shares are fairly valued at 7-times our 2023 EPS estimate given the company’s rising costs and weak EMEA results, and that a HOLD rating is now appropriate."

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 $11.12 yesterday.

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