KeyBanc analyst Adam Josephson reiterated a Hold rating on Owens-Illinois (NYSE: OI) today. The company’s shares opened today at $17.43.
Josephson commented:
“We are maintaining what was our below-consensus 2018 adj. EPS estimate of $2.72 (at the low end of just-reduced guidance of $2.72-$2.78) and our Street-low 2019 estimate of $2.72 (consensus is $3.00; the Company reiterated today that it expects to reach that number next year). Given how late we are in the global economic cycle, we think there’s downside risk to OI’s volume expectations for next year, and at current FX rates currency will be a sizable drag next year, such that we have little reason to expect much in the way of EPS growth next year. For perspective on the volume issue, OI’s volume/mix has been negative every year since 2013 with the exception of 2017, when it was flat.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 7.7% and a 66.2% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Avery Dennison Corp, and Graphic Packaging.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Owens-Illinois with a $24 average price target.
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The company has a one-year high of $24.66 and a one-year low of $15.67. Currently, Owens-Illinois has an average volume of 1.17M.
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Owens-Illinois, Inc. engages in the manufacture and supply of glass containers for beverages. It provides glass packaging for food items such as soft drinks, teas, juices, and pharmaceuticals. It operates through the following geographical segments: Europe, North America, Latin America, and Asia Pacific.
