- Deutsche Bank analyst Emmanuel Rosner upgraded Goodyear Tire & Rubber Co GT to Buy from Hold with a price target of $32, up from $29, implying a 41% upside.
- Rosner said the company is a "large" beneficiary from the shift to electric vehicles.
- The analyst added that electric vehicle tires are selling for more than 30% above their internal combustion engine equivalent, and Goodyear is achieving a 60% win rate on EV programs so far.
- Rosner believes the company's segment operating income margins could improve to nearly 12% by 2023 from 7.6% in 2021.
- Price Action: GT shares are trading higher by 4.68% at $22.71 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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