Goodyear Tire (GT) announced its “Goodyear Forward” transformation plan—which will focus on debt reduction and cost cuts. In addition to this plan, the tire brand has announced a change in management— with Chairman, CEO, and President Richard J. Kramer retiring.
Deutsche Bank U.S. Auto Technology Analyst Emmanuel Rosner upgraded the stock to “Buy” from “Hold” and raised his price target to $21 on the announcements. Rosner notes that this change in management could potentially provide “more confidence” for analysts and investors. Rosner says this is a “transformative moment” for the company and that “through self help” it could deliver more value for shareholders.
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