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Fly News Breaks for October 29, 2019
Oct 29, 2019 | 08:30 EDT
As previously reported, Northcoast analyst John Healy downgraded Cooper Tire (CTB) and Goodyear Tire (GT), both to Neutral from Buy, as he believes investor expectations have risen for both tire makers and each of the stocks have approached his previous price targets of $32 and $17, respectively. Looking into 2020, he sees the global tire market being complicated by uncertain carmaker demand and likely pressures in the truck market, Healy tells investors. While bullish on Cooper's ability to grow profits in 2020, he feels a good portion of this optimism is priced into the stock. He also expects 2020 to be a better year for Goodyear, but notes the stock has bounced nearly 50% from summer levels amid rising investor expectations.
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