UPDATE: Bank of America Merrill Lynch Upgrades Owens-Illinois to Buy

In a report published Friday, Bank of America Merrill Lynch upgraded its rating on Owens-Illinois

from Neutral to Buy, and raised its price objective from $22.00 to $25.00. BofA Merrill Lynch noted, “We rate OI a Buy as headwinds have diminished and most of the negative news and earnings revisions appear behind the company. Meantime, management appears more attuned to capital returns and free cash flow (FCF) generation. As OI begins to benefit from curtailment cost reversals, footprint realignments in Europe and Australasia, as well as volume gains in Latin America, an expansion in valuation multiples appears warranted.” Owens-Illinois closed on Thursday at $19.93.