JPMorgan raised the firm’s price target on Goodyear Tire to $18 from $16 and keeps an Overweight rating on the shares following the company’s analyst call. Management plans to optimize the company’s product portfolio by divesting the Chemical, Dunlop, and Off-the-Road businesses, with total proceeds from the sales expected around $2B, the analyst tells investors in a research note. The firm increased estimates to reflect greater potential disposition proceeds and more identified cost savings.
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