Analyst: Goodyear Tire Stock Has Turnaround Potential

Additional Wall Street analysts hiked their price targets

Jake Scott

Deputy Editor

Nov 16, 2023 at 10:10 AM

The Goodyear Tire & Rubber Company (NASDAQ:GT) is 2.5% higher at $14.40 this morning following a bull note from Deutsche Bank. The Wall Street analyst upgraded GT to "buy" from "hold," saying the stock's turnaround potential is strong amid new leadership and operational streamlining plans.

In addition to Deutsche Bank, J.P. Morgan Securities and Citigroup both hiked their price targets, the former to $18 and the latter to $16. Coming into today, analysts were hesitant towards Goodyear Tire & Rubber stock, with six rating it a tepid "hold" versus one "strong buy" recommendation.

News of the strategic shakeup broke yesterday, helping the equity move above the $14 level for the first time since early August. The shares are no pacing for their fourth-straight daily win, and stand 44% higher year to date.

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