Tire major The Goodyear Tire & Rubber Company (NASDAQ:GT) recently announced that it has renewed its title sponsorship deal with the Cotton Bowl Classic, the annual college football bowl game.
Following the news, shares of the company gained marginally to close at $21.40 on Wednesday.
Strategic Impact
Under the terms of the agreement, the Goodyear Cotton Bowl Classic will continue to present marquee matchups annually as a member of the “New Year’s Six”.
The agreement will allow the Cotton Bowl to host a semi-final game in 2024 as well.
Management Commentary
The General Manager of Brand Marketing at Goodyear North America, said, “Much like the Cotton Bowl, Goodyear has long been connected to college football by enhancing the gameday experience, whether it’s through aerial coverage from the blimp or the larger-than-life tire art statues. This agreement is a continuation of our commitment to the sport and allows us to celebrate the drive it takes to compete in college football’s biggest matchups for years to come.”
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Analyst Ratings
Recently, Deutsche Bank analyst Emmanuel Rosner upgraded the stock to Buy from Hold with a price target of $32, which implies upside potential of 49.5% from current levels.
Consensus among analysts is a Hold based on 1 Buy and 3 Holds. The average Goodyear price target of $26 implies upside potential of 21.5% from current levels. Shares have gained 101.3% over the past year. Download the mobile app now, available on iOS and Android.
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