Barclays maintains an 'Underweight' on Owens-Illinois (OI); Announces Acquisition of Remaining Interest in Comercio

Barclays maintains an 'Underweight' on Owens-Illinois (NYSE: OI), PT $28.

Barclays analyst says, "We are adjusting our 2011/2012/2013 EPS estimates from $2.69/$3.35/$3.75 to $2.73/$3.40/$3.80 to reflect the acquisition of the minority interest in Comercio. We are fine tuning our 12-month price target from $27 to $28 and the pressure on our valuation work is on the upside. We remain disappointed by chronic demand weakness in mature glass markets, but we nonetheless believe O-I's glass volumes are improving. On an absolute basis, we do not find O-I's valuation to be unreasonable. However, consistent with our relative rating system we maintain our UW/Neutral rating on shares given what we view as better relative value in our universe."

For more ratings news on Owens-Illinois click here and for the rating history of Owens-Illinois click here.

Shares of Owens-Illinois closed at $32.12 yesterday.

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