UPDATE: Deutsche Bank Raises PT on Goodyear Tire & Rubber to $24 (GT)

Deutsche Bank is out with its report today on Goodyear Tire & Rubber GT, raising its PT from $21 to $24. In a note to clients, Deutsche Bank writes, "We are raising our 2011 and 2012 estimates to $0.85 and $2.45 from $0.45 and $2.05. And we continue to believe that 2013 EPS could be even higher (GT's targets imply EPS in the $2.85 range). We are raising our target price for Goodyear to $24 from $21, based on a 5.5x EV/2012 EBITDAP (10x PE) multiple, which is a slight discount to the tire sector's historical average 6.0x (10-12x PE) forward multiple." Deutsche Bank maintains Buy on GT. At the time of posting, shares of GT were trading pre-market at $18.44, up 1.60% from Friday's close.