The Goodyear Tire & Rubber Company (GT) said that its European subsidiary, Goodyear Europe B.V. (GEBV), has priced a private offering of senior notes due in 2028 worth €300 million.
Markedly, shares of the U.S.-based tire maker with a current market capitalization of over $4.7 billion have gained 112% over the past year. (See Goodyear stock chart on TipRanks)
GEBV plans to utilize the proceeds from this offering on the redemption of its 3.75% Senior Notes due in 2023 and the remainder for general corporate purposes.
The offering, subject to certain conditions, will be guaranteed on a senior unsecured basis by Goodyear and some of its U.S. and Canadian subsidiaries.
Citigroup analyst Itay Michaeli recently increased the price target from $19 to $20 (17.8% upside potential) and reiterated a Hold rating on the stock.
Overall, the stock has a Hold consensus rating based on 4 Holds and 1 Sell. The average Goodyear Tire & Rubber price target of $17.80 implies 4.8% upside potential.
According to TipRanks’ Smart Score rating system, Goodyear scores a 7 out of 10, suggesting that the stock is likely to perform in line with market averages.
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