Goldman Sachs Cuts Price Target On Owens-Illinois (OI)

Goldman Sachs lowered estimates and its price target on Neutral-rated Owens-Illinois (NYSE: OI) from $31 to $28 following recent Q2 results which were below their estimates and the consensus.

The firm maintained 2011 EPS estimate of $2.30, but cut 2012 and 2013 EPS forecasts to $2.60 and $2.95 from $2.80 and $3.30, respectively, as they reduce 2012 global glass volume forecast to 1% from 2% previously, largely reflecting a more muted recovery in premium beer consumption in the US and Europe given elevated unemployment levels.

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 $23.17 yesterday.

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