Deutsche Bank Lowers Estimates/Price Target on Goodyear Tire & Rubber (GT)

June 3, 2008 12:36 PM EDT
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Price: $22.60 -2.16%

Rating Summary:
    8 Buy, 8 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 32 | New: 33
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Deutsche Bank lowers their estimates and price target on Goodyear Tire & Rubber (NYSE: GT), maintaining their Buy rating. The firm adjusted their FY08 and FY09 estimate for Goodyear to $2.48 and $3.01 from $2.83 and $3.53 and lowered their price target from $38 to $36.

The firm is lowering their FY08 NA replacement volume growth assumption to -1.6% from -0.8%. They continue to expect Goodyear's volumes to perform better than the industry as the company experiences market share gains vs. easy comps. But they now expect a 9.1% increase in raw materials in FY2008 versus their previous estimate of +6.9%. They also assume a 20% increase in raw material cost in 2009.

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