UPDATE: Jefferies Lowers PT on Owens-Illinois from $32 to $27

Jefferies reiterated a Buy rating on Owens-Illinois

and lowered its price target from $32 to $27. Jefferies noted, “While OI has executed better in a very challenging environment in Europe, sentiment will likely remain negative until volumes stabilize. With the aggressive draw down in production during 3Q, we are hopeful this is the last earnings revision cycle. Further, with OI shifting towards more of a FCF centric strategy akin to the canmakers, it should help build some goodwill.” Owens-Illinois closed at $17.58 on Thursday.