Before the open, Credit Suisse upgraded Owens-Illinois (NYSE: OI) from Neutral to Outperform with a price target of $32.00 (from $26.00), saying momentum is about to turn.

Analyst Lars Kjellberg commented, "We believe OI's earnings are bottoming and see prospects for a directional shift in volumes from a combination of new contract wins in Europe, Australia and Mexico (2016) and easier comps. With drop through margins of 35%, incremental volume should a) shift earnings momentum from negative to positive and b) enable OI to bring benefits from cost savings and restructuring to the bottom line."

The firm lowered 2015-16 estimates reflecting further adverse FX movements and our expectations of continued US$ strength.

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 $24.24 yesterday.