Jefferies Lifts Estimates on Owens-Illinois (OI), Glass Market Improving

March 11, 2013 7:01 AM EDT Send to a Friend
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Price: $26.10 +1.05%

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    5 Buy, 8 Hold, 1 Sell

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    Up: 13 | Down: 18 | New: 41
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Jefferies raised estimates and reiterated its Buy rating and $33 price target on Owens-Illinois (NYSE: OI) Monday noting regional glassmakers are raising prices aggressively, and the company is positioned to gain share.

"Our industry sources noted demand in the European glass market is improving, and after ceding prices last year, the regional glassmakers are raising prices aggressively (3%+)," the analyst comments. "The latter is more than we expected (~1%) and should allow OI to regain share. Despite its recent rally from its lows, we believe OI is the most undervalued stock in the group."

The firm raised FY13 EPS from $2.80 to $2.85 and FY14 from $3.29 to $3.32.

For an analyst ratings summary and ratings history on Owens-Illinois click here. For more ratings news on Owens-Illinois click here.

Shares of Owens-Illinois closed at $26.49 yesterday.


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