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KeyBanc Cuts Goodyear Tire & Rubber to Hold

From Standard & Poor's Equity Research

KeyBanc downgraded Goodyear Tire & Rubber (GT) to hold from buy, explaining that the company's faces a plethora of challenges.

Analyst Saul Ludwig believes the management is strong and progress is evident every quarter, but even the best of managements may not be able to overcome all headwinds now blowing in Goodyear Tire & Rubber's face: weak tire demand, imports continue to be strong, and higher raw material costs. The analyst anticipates weak product demand as Michelin is cutting deals with dealers and inventories remain high. He set his $1.35 2007 earnings per share (EPS) estimate, but has low confidence in that number.

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