Ohio-based tire maker Goodyear Tire & Rubber Co. (GT) has partnered with global self-driving truck technology provider Plus to offer autonomous trucking solutions to the logistics industry. Goodyear’s shares surged 2.8% on Monday and gained another 0.4% in extended trade to finally close at $14.93.
Goodyear produces tires for bicycles, heavy earth-moving machinery, farm equipment, airplanes, race cars, SUVs, motorcycles, light trucks, commercial trucks and automobiles. (See Goodyear stock chart on TipRanks)
Under the deal, semi-trucks powered by Plus’ Level 4 autonomous driving technology will be able to access Goodyear’s services, including connected tires. It will help reduce carbon emissions in vehicles and enhance transportation safety and efficiency.
To boost fuel efficiency and vehicle performance in extreme weather and road conditions, the companies will also try to incorporate feedback from Goodyear’s connected tires into Plus’ autonomous driving system.
The COO of Plus, Shawn Kerrigan, said, “The collaboration between Plus and Goodyear enables us to leverage both companies’ innovative fuel efficiency technologies, and harness these to further improve the performance of autonomous trucks.”
Recently, Deutsche Bank analyst Emmanuel Rosner maintained a Hold rating on Goodyear with a price target of $21 (41.2% upside potential). The analyst expects the company to report earnings per share (EPS) of $0.27 in the third quarter.
Overall, the stock has a Hold consensus rating based on 4 Holds and 1 Sell. The average Goodyear Tire & Rubber price target of $17.80 implies 19.7% upside potential. The company’s shares have gained nearly 51% over the past year.
According to TipRanks’ Smart Score rating system, Goodyear scores a 7 out of 10, suggesting that the stock is likely to perform in line with market averages.
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