Wells Fargo Upgrades Owens-Illinois (OI) to Outperform

Wells Fargo analyst Gabe Hajde upgraded Owens-Illinois (NYSE: OI) from Market Perform to Outperform with a price target of $24.00 (from $20.00).

The analyst comments "We believe OI has made the necessary investments (both operational and acquisition-related), such that the company is now better positioned to capture its proportionate share of global glass container volume growth. An improved balance sheet has enabled a more balanced and shareholder friendly capital redeployment strategy; including, establishing a $0.20/share annual dividend in 2019 and opportunistic share repurchase activity. Lastly, at current valuation, we think investors are gaining a 'call option' on the company's newly introduced MAGMA technology."

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 $17.21 yesterday.

You May Also Be Interested In

• Monopar Therapeutics (MNPR) PT Raised to $133 at BTIG
• Nomura/Instinet Downgrades Lloyds Metals & Energy Ltd (LLOYDSME:IN) to Neutral
• Marvell (MRVL) PT Raised to $195 at Goldman Sachs