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During stock market ups and downs, identifying the next big players breeding massive value growth potentials is similar to finding a pearl in a vast ice lake. Among the multitude of options, certain market giants stand out; they are ready to embark on monumental rallies.
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.
The headline numbers for Goodyear (GT) give insight into how the company performed in the quarter ended December 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
The average of price targets set by Wall Street analysts indicates a potential upside of 26.1% in Goodyear (GT). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.
The U.S. government on Monday announced that a labor rights mediation plan at a Goodyear Tire & Rubber Co plant in Mexico has delivered $4.2 million in back pay to more than 1,300 current and former workers.
The Goodyear Tire and Rubber Company NASDAQ: GT shareholders have breathed a sigh of relief with the events of the past few months, which include a new CEO who has the backing of activist shareholder firm Elliott Management. The sentiment is more bullish this time around with the normalization of rubber prices.
If you are looking for stocks that have gained strong momentum recently but are still trading at reasonable prices, Goodyear (GT) could be a great choice. It is one of the several stocks that passed through our 'Fast-Paced Momentum at a Bargain' screen.
Goodyear (GT) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #1 (Strong Buy).
POWL, GT, ZUO, GTLB and SNAP have been added to the Zacks Rank #1 (Strong Buy) List on January 22, 2023.