KeyBanc analyst Adam Josephson reiterated a Sell rating on Owens-Illinois (OI) today and set a price target of $16. The company’s shares opened today at $19.20.
Josephson observed:
“We downgraded shares of Owens-Illinois (OI) in December because of our concerns about OI’s leverage, economic sensitivity, and ongoing volume declines even in a healthy global economy. OI’s substantial 4Q miss and 1Q guide-below, along with a sharp projected jump in its asbestos payments over the next two years, reaffirmed our concerns. The Company’s net leverage, asbestos liability, and unfunded pension all increased in 2018. The stock has barely reacted today for reasons that escape us, but we expect the shares to drift downward over time.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 8.3% and a 65.7% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as International Paper Co, Avery Dennison Corp, and Graphic Packaging.
Owens-Illinois has an analyst consensus of Hold, with a price target consensus of $20.33.
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The company has a one-year high of $23.45 and a one-year low of $15.67. Currently, Owens-Illinois has an average volume of 1.46M.
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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.
