Argus lowered its price target on The Goodyear Tire & Rubber Company to $9 from $13 while maintaining a Buy rating, citing challenges including rising raw material costs, higher capital expenditures, slower demand, and low-priced Asian imports. The firm believes Goodyear is addressing these issues through its Goodyear Forward plan, which focuses on divesting noncore assets, reducing debt, cutting structural costs, and prioritizing premium tire segments. JPMorgan also cut its price target on the stock to $9 from $10 on May 11, keeping an Overweight rating.
Goodyear Tire & Rubber CoArgus and JPMorgan both cut price targets, reflecting negative analyst sentiment.