Jefferies Discusses Owens Illinois

Jefferies & Co. is out with a research report on Owens Illinois

. It has a Buy rating on shares. In a note to investors, Jefferies & Co. writes, "U.S. glass shipments in May were down 5.1%, and on adjusted basis with the same number of days, shipments were down 9.6%. Based on the data for the first two months of 2Q11 (-4.4%), the volume trajectory has slowed considerably from 1Q11 (+3.5%). That said, based on Owens-Illinois' (OI, $25.19, Buy) recent comments and our channel checks, shipments during 2Q11 are likely depressed due to the production issues and real demand is likely stronger than what the data indicates." At last check, shares of OI were off 32 cents to $24.87, a loss of 1.3%.