Deutsche Bank Reiterates Buy Rating on Cooper Tire & Rubber (CTB)

Deutsche Bank is out with a research report this morning, where it reiterates its Buy rating on Cooper Tire & Rubber CTS; it has a $25.50 price target on the stock. The DB analysts cited the company's recently reported quarterly earnings report, which was better than expected across all metrics. The results were even more impressive considering raw materials headwinds of $155 million, which outweighed price and mix improvements of $123 million during the quarter. The analysts reiterated their estimates, but noted that they could likely prove to be too conservative. As for valuation, the analysts remarked, “We're maintaining our $25.50 price target, based on a 10x P/E multiple (at the low end of the tire sector's historical ranges).”