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O-I Glass Inc’s (NYSE:OI) positioning in Europe has strengthened and there is potential for demand for glass-packaged products to be less price elastic, according to BofA Securities.
The O-I Glass Analyst: George Staphos upgraded the rating for O-I Glass from Neutral to Buy, while raising the price target from $15 to $19.
The O-I Glass Thesis: The estimates for the company “seem to have reasonable conservatism,” Staphos said in the upgrade note.
“On price elasticity, our contacts believe that glass-packaged products should hold up better in a downturn than in prior periods,” the analyst wrote. “In Europe, OI seems to have some ability to manage price/cost flexibly and weather the volatility,” he added.
“While we think 'growth' will be at a premium in 2023 as the world decelerates, our discussions with our colleagues suggest 'value' (where OI would sit given its current 7x P/E) will have continued tailwinds for now,” Staphos further said in the note.
OI Price Action: Shares of O-I Glass had risen by 2.94% to $16.15 at the time of publication Friday.
Photo: Courtesy O-I
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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