U.S. tire maker, The Goodyear Tire & Rubber Company (GT), has launched its first-ever sensor-enabled tires named Goodyear SightLine for commercial vans. The product is currently available in North America and Europe.
With this innovation, van owners will be able to get information about tire breakdowns in advance and monitor pressure levels and wear for enhanced safety and more cost-efficient mobility.
“Much like smart watches that monitor vitals like heart rates and oxygen levels, Goodyear SightLine’s tire intelligence monitors the health of a tire,” said Chris Helsel, senior vice president, global operations, and chief technology officer.
“Goodyear SightLine takes the mystery out of understanding tires and provides proactive mobility insights to communicate when tires need service or replacement,” he added.
Notably, the company has some impressive plans for the future. By 2027, Goodyear plans to install tire intelligence in all new products. The technology is also expected to provide feedback on road conditions, enabling connected, autonomous mobility. (See Goodyear stock chart on TipRanks)
Last month, Deutsche Bank analyst Emmanuel Rosner reiterated a Hold rating on the stock and increased the price target to $21 from $19. This implies 14.38% upside potential to current price levels.
Rosner remains cautious of the company’s execution risk and potential revenue de-synergies with the Cooper acquisition.
Based on 1 Buy, 3 Holds, and 1 Sell, consensus among analysts is a Hold. The GT average analyst price target of $18.75 implies 2.12% upside potential. Shares of Goodyear have surged 70.3% over the past six months.
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Goodyear is currently Neutral, as the cumulative change in holdings across all 8 hedge funds that were active in the last quarter was a decrease of 2.3 million shares.
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