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Finding undervalued stocks in today's market can be like searching for a needle in a haystack. With stocks regularly hitting new highs, it seems everything has already been bid up to nosebleed valuations.
The Goodyear Tire & Rubber Company is a well-known tire manufacturer with a significant market share. The company is focusing on innovation, partnerships, and a shareholder-friendly approach to improve its performance. Goodyear aims to regain market share, expand into higher margin areas, and restore profitability by 2025.
Goodyear (GT) reported earnings 30 days ago. What's next for the stock?
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Goodyear shares have recently plunged, creating a buying opportunity as the stock hits a bullish double bottom on the chart. Earnings estimates for Goodyear show undervaluation, with the stock trading at just 10 times earnings for 2024 and 6 times earnings for 2025. Shareholder activist Elliott Management sees major upside potential for Goodyear, proposing changes that could increase the stock's value to $32 per share.
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Goodyear (GT) reports mixed fourth-quarter results and anticipates raw material costs for the first half of 2024, excluding Goodyear Forward, to decrease $375 million year over year.
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A mixed quarter and softness in the auto market led some investors to sell out of the storied tire maker. Tire unit volume slipped by nearly 4% during the fourth quarter.
Goodyear beat estimates, but demand was down and further declines are expected in the current quarter. The company has started an aggressive streamlining plan, but that plan will take until 2025 to pay off.