The Goodyear Tire & Rubber Company (NASDAQ:GT) shares climbed almost 15% higher due to its favorable positioning as consumer pivot to domestic products due to US president Donald Trump’s new tariffs.
While Trump's tariffs impose a 25% levy on auto imports, tires are not directly affected.
This shields Akron, Ohio-headquartered Goodyear from immediate cost increases and positions the company favorably compared to competitors who are reliant on imported products.
Shares of Goodyear were up 14.5% at $10.45 in the early afternoon on Thursday.
Deutsche Bank recently upgraded Goodyear's stock to "Buy" with a price target of $13, citing its strong operational strategy and focus on cost-saving measures.
Meanwhile, TD Cowen initiated coverage with a "Buy" rating and a $14 target, highlighting Goodyear's turnaround plan under new leadership