Longbow Research analyst Anthony Deem maintained a Hold rating on GoodYear Tire (NASDAQ: GT) today. The company’s shares opened today at $23.61.
Deem said:
“GT is trading at 6.6x FY2 EPS estimates, below the company’s 5-year average forward P/E of 7.7x. EV/EBITDA basis, GT trades at 4.9x, which compares to the company’s 5-year average of 4.9x.”
According to TipRanks.com, Deem ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -11.3% and a 23.1% success rate. Deem covers the Industrial Goods sector, focusing on stocks such as Visteon Corp, Veoneer Inc, and Adient plc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for GoodYear Tire with a $26.14 average price target, implying a 10.7% upside from current levels. In a report released today, Morgan Stanley also downgraded the stock to Hold with a $23 price target.
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Based on GoodYear Tire’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.84 billion and net profit of $157 million. In comparison, last year the company earned revenue of $3.69 billion and had a net profit of $147 million.
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Goodyear Tire & Rubber Co. engages in the development, manufactures, distribution, and sale of tires and related products and services worldwide. Its products include lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment and various other applications.
