Analysts Lower Estimates on Goodyear and Cooper
Deutsche Bank analysts lowered their estimates on Goodyear and Cooper following what the was reportedly an “abysmal April” for the US tyre business. “Anecdotal reports from our tyre industry contacts suggest that US replacement tyre demand was down again in May following an abysmal April (-9.6 per cent). Weak demand comes at a bad time for tyre producers, many of which were already brimming with finished goods inventory at the end of the first quarter and experiencing huge spikes in raw material costs,” the analysts reported.