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Fly News Breaks for August 1, 2017
GT
Aug 1, 2017 | 08:02 EDT
Goldman analyst David Tamberrino sees modest downside to Goodyear shares as he believes the company needs to lower its long-term forecast due to global industry overcapacity. The analyst said industry lack of discipline is due to softer retail sales, capacity growth, and volatile raw material costs. Tamberrino believes some of the headwinds are transitory but sees risk to capacity growth being ahead of demand, and when combined with softening US SAAR forecast, provides risk to Goodyear's 2020 SOI target of $3B. Tamberrino reiterated his Neutral rating on Goodyear and lowered estimates and cut his price target to $29 from $34 on shares.
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