KeyBanc Raises Goodyear Share Target to $48

KeyBanc has raised its price target for Goodyear Tire & Rubber shares from $39 to $48, maintaining its Buy rating. The firm said: “We believe the main thrust of the GT story is the combination of external forces, such as improving demand, strong pricing and moderating raw material costs, and those unique to GT, including the new labour agreement, lower unfunded pension liabilities leading to reduced pension expenses, other non-union cost reduction initiatives (including interest expenses) and the yet-to-be announced next round of profit enhancing moves.”