J.P. Morgan Reports On GT Analyst Day

J.P. Morgan has published a report following Goodyear Tire & Rubber's GT Analyst Day. According to J.P. Morgan, "At its Analyst Day, GT guided to $450MM SOI (EBIT) in NA in 2013, and provided a more granular explanation of unabsorbed overhead cost reduction expectations. The guidance is, in many ways, in line with NA profit expectations we contemplated four years ago post then-major USW contract changes, though it is not clear to us that additional steps can/will be taken to reduce the breakeven point of the highly cyclical NA tire business." J.P. Morgan maintains GT's $17.00 Price Target and Overweight Rating. GT closed at $15.03 yesterday.