UPDATE: Citigroup Downgrades Owens Illinois to Neutral on Near-Term Confidence

Citigroup reduced its rating on Owens Illinois OI from Buy to Hold and lowered its price target from $28 to $22. Citigroup commented, "We are assuming coverage of OI with a Neutral rating, downgrading from Citi's previous Buy rating. OI's combination of operating and financial leverage, coupled with its significant exposure to Europe, make the stock volatilie. While OI has taken steps to delever and rationalize its European footprint, lack of near-term confidence in market conditions keep us Neutral rated." Owens Illinois closed at $19.62 on Monday.