BofA/Merrill Lynch Upgrades Owens-Illinois (OI) to Buy

BofA/Merrill Lynch upgraded Owens-Illinois (NYSE: OI) from Neutral to Buy with a price target of $38.00.

Analyst George Staphos notes shares are down 13% versus the market YTD and outperform by 39% in 2013. While earnings were sluggish in 1Q and guidance for 2Q is flat, OI should have tailwinds heading into 2H14 and 2015, according to the analyst.

Staphos said OI should offer investors: Accelerating earnings and margins; Exposure to a recovering global economy; Relatively attractive total shareholder returns; Potential for customer and mix improvement.

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 $32.74 yesterday.

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