Goodyear Tire price target lowered to $19 from $21 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Goodyear Tire to $19 from $21 and keeps a Buy rating on the shares. The sharp negative stock reaction to Goodyear’s Q4 print reflects investor disappointment over the company’s soft guidance for Q1, worse than expected directional outlook for 2024 margin, and lack of updates on divestitures, the analyst tells investors in a research note. The firm says Goodyear has slower progress in 2024 but still “considerable turnaround upside.”