Goodyear Tire downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded Goodyear Tire (GT) to Hold from Buy with a price target of $7, down from $9. The company lacks the short-term mechanisms to pass on higher raw material costs like other suppliers, the analyst tells investors in a research note. The firm says Goodyear’s earnings report reflects its “significant raw material headwinds” in the second half of the fiscal year. This confirms the company’s sensitivity to the war in the Middle East, contends Deutsche Bank.