UPDATE: Goldman Sachs Raises Owens-Illinois' PT

According to a research report published this morning, Goldman Sachs has increased Owens-Illinois' OI PT from $27 to $29. In the report, Goldman Sachs said, “After the market close, Owens-Illinois (OI) announced that based on preliminary indications, 1Q2012 EPS should exceed year-ago EPS of $0.50 by more than 35%. OI's outlook implies 1Q2012 EPS will be more than $0.68, well ahead of our and consensus forecasts of $0.51 and $0.50, respectively. OI noted that the stronger 1Q2012 EPS vs. last year was primarily driven by better operating performance as OI ran at higher operating rates and built inventories heading into the seasonally stronger 2Q-3Q timeframe in N.A. and Europe. OI also noted results benefited from better pricing vs. cost inflation, and cost reduction efforts.” Goldman Sachs maintains its Neutral rating on Owens-Illinois, which closed yesterday at $22.01.