Zacks lowered shares of Goodyear Tire & Rubber Co. (NYSE:GT) from an outperform rating to a neutral rating in a report released on Friday, StockRatingsNetwork.com reports. Zacks currently has $23.00 price objective on the stock.
Zacks’ analyst wrote, “We are downgrading Goodyear to Neutral, based on increasing debt and capital leases, high competition and rising operating cash outflows. The company reported a 28.3% rise in earnings per share to $0.68 in the third quarter of 2013, beating the Zacks Consensus Estimate of $0.66. Revenues slipped 5% to $5 billion, missing the Zacks Consensus Estimate of $5.3 billion. Goodyear will benefit from improving earnings, higher guidance and its focus on the emerging markets of Latin America, Eastern Europe and Asia. The company expects consumer original equipment volumes to climb 5% in North America in 2013. In Europe, Goodyear anticipates commercial replacement demand to expand 5% and original equipment volumes to be flat to up 5% for the year.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Standpoint Research initiated coverage on shares of Goodyear Tire & Rubber Co. in a research note to investors on Monday, December 2nd. They set a buy rating and a $28.00 price target on the stock. Separately, analysts at Ned Davis Research downgraded shares of Goodyear Tire & Rubber Co. from a buy rating to a neutral rating in a research note to investors on Monday, November 11th. Finally, analysts at Argus raised their price target on shares of Goodyear Tire & Rubber Co. from $22.00 to $24.00 in a research note to investors on Tuesday, November 5th. They now have a buy rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $22.13.
Shares of Goodyear Tire & Rubber Co. (NYSE:GT) opened at 22.56 on Friday. Goodyear Tire & Rubber Co. has a 1-year low of $11.83 and a 1-year high of $23.40. The stock has a 50-day moving average of $21. and a 200-day moving average of $19.22. The company has a market cap of $5.570 billion and a price-to-earnings ratio of 14.53.
Goodyear Tire & Rubber Co. (NYSE:GT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.62 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.63 by $0.01. The company had revenue of $5.00 billion for the quarter, compared to the consensus estimate of $5.22 billion. During the same quarter last year, the company posted $0.53 earnings per share. Goodyear Tire & Rubber Co.’s revenue was down 5.0% compared to the same quarter last year. Analysts expect that Goodyear Tire & Rubber Co. will post $2.52 EPS for the current fiscal year.
The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company, together with subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for a range of applications.
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