GT Price Prediction Next Week
Analysis and Insights
News Sentiment and Recent Developments:
The Goodyear Tire & Rubber Company (GT) has recently received positive news with a "Buy" rating and a price target of $14 from TD Cowen, highlighting a two-phase turnaround strategy under new leadership. The stock rose 9.14% following this announcement, reflecting investor optimism about debt reduction and cost-saving measures. Additionally, GT has reported a rebound in net income, swinging from a loss to a profit in 2024, indicating improving financial health.
Technical Analysis:
The stock is currently trading at $9.71 with the following key technical indicators:
- RSI (14): 57.36, indicating the stock is not overbought or oversold.
- MACD: Slightly bullish with a positive divergence.
- Fibonacci Levels:
- Pivot: $9.18
- Resistance Levels: $9.85, $10.26
- Support Levels: $8.52, $8.11
Price Prediction and Recommendation:
Based on the analysis, GT is expected to test the upper resistance level of $10.26 in the next trading week. The stock is currently near the lower end of its recent range, and with positive news sentiment, it is likely to move upward.
Predicted Price: $10.26
Recommendation: Buy
GT Similar Chart Price Prediction
The price of GT is predicted to go up 12.76%, based on the high correlation periods with UNH. The similarity of these two price pattern on the periods is 94.87%.
GT
UNH
Up: 12.76%Similarity: 94.87%
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GT Analyst's Forecast
Edison Yu
Deutsche Bank
Hold
2024-12-20
Price Target
$10
Upside
+16.01%
Deutsche Bank analyst Edison Yu resumed coverage of Goodyear Tire with a Hold rating and $10 price target. Goodyear has made progress at "righting the ship" since announcing its "Forward" restructuring program, but uncertainty remains, "suggesting a true turnaround could take longer than initially expected," the analyst tells investors in a research note. The firm says Goodyear's Forward strategy is still in the early innings.
