Thu Sep 19 06:23:01 UTC 2024: ## Goodyear Tire & Rubber Downgraded by StockNews.com
**New York, NY** – Goodyear Tire & Rubber (NASDAQ:GT) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating on Tuesday, September 19th, 2024. This follows a recent trend of analysts becoming more cautious on the company.
Wolfe Research downgraded Goodyear from “outperform” to “peer perform” on September 5th, while Morgan Stanley initiated coverage with an “equal weight” rating and a $14.00 price target on June 13th. Currently, three analysts rate the stock a “hold” and three rate it a “buy,” resulting in an average rating of “Moderate Buy” with a consensus target price of $17.23, according to MarketBeat.
Despite beating analyst estimates for earnings per share in the last quarter, Goodyear’s revenue fell short of expectations, leading to a 6.1% year-over-year decline.
Institutional investors remain active in Goodyear, with several increasing their positions in recent quarters. Notably, Wellington Management Group LLP increased its holdings by 48.2% in the fourth quarter, while National Bank of Canada FI boosted its position by 2,944.7% in the first quarter.
Goodyear Tire & Rubber is a global leader in tire manufacturing, offering a wide range of products for various applications under multiple brands. The company’s performance will continue to be closely watched as it navigates a challenging economic environment.
First Piper 