Deutsche Bank announced on Monday that it was maintaining a “Buy” rating on the Ohio-based tire manufacturer The Goodyear Tire & Rubber Company (GT
), but went on to raise its price target for the company.
Rod Lache, an analyst with the firm, noted that he sees strength in the tire sector over the coming season. Lache went on to note that because Goodyear has shifted its focus onto “higher end” tires, the company should rake in higher revenues next quarter seeing as how Deutsche Bank’s current valuation model does not reflect this trend. Rod Lache reiterated a “Buy” rating on the stock and raised his price target from $23 to $29.
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Goodyear shares traded lower on Monday, shedding 0.47% on the day. The stock is up almost 70% YTD.
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