Baird on O-I Glass Inc. (OI): 'we remain comfortable with our Outperform rating'
Baird analyst Ghansham Panjabi reiterated an Outperform rating and $18.00 price target on O-I Glass Inc. (NYSE: OI).
The analyst comments "October 31, 2024 Baird Equity Research Packaging & Coatings O-I Glass, Inc. (OI) Earnings at a Cyclical Low—Pulling the Right Levers O-I Glass, Inc. is the market leader in the global glass container market. $18 price target. In our opinion, while there is execution risk related to the aggressive cost-out initiatives being pursued by OI management, the internal improvement focus should translate into significant operating leverage as end-market conditions normalize—noting that even on a wide range of outcomes by 2027 (financial target timeline) that equate to $2.00-$3.00 in earnings power, the shares have asymmetric upside at current levels (low-teens). As such, we remain comfortable with our Outperform rating, with our $18 price target based on ~9x the lower end of the 2027 earnings power ($2.00/sh)."
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Shares of O-I Glass Inc. closed at $11.55 yesterday.