Goodyear Tire cut to Hold at Argus on EMEA weakness, rising costs

Argus analyst David Coleman downgraded Goodyear Tire to Hold from Buy. The analyst warns that the company is facing pressure from rising costs, unfavorable currency translation, and weakness in the EMEA region, also cutting his 2022 EPS view to $1.40 from $2.08 and his 2023 view to $1.63 from $2.63. Coleman adds that based on the current challenges and the expectations of pressures from inflation to continue into 2023, he sees the stock as "fairly valued" at 7-times his expected earnings for 2023.