Deutsche Bank upgraded Goodyear Tire to Buy from Hold with a price target of $21, up from $13. The company unveiled operational and strategic plans it looks to execute over the next 24 months, after an in-depth board-led review as part of its agreement with an activist investor, the analyst tells investors in a research note. The firm says that with a “credible” operational turnaround path, strategic portfolio optimization through large non-core divestitures, and new leadership coming in to execute, Goodyear “is about to start a new chapter.” It sees strong potential for the company to improve its profitability and narrow the gap with its peers through self-help, de-leverage its balance sheet, and unlock large shareholder value.
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