UPDATE: Bank Of America Downgrades Owens-Illinois On Multiple Factors

In a report published Friday, Bank of America analyst George L. Staphos downgraded the rating on Owens-Illinois (NYSE: OI) from Buy to Neutral, and lowered the price target from $34.00 to $29.00.

In the report, Bank of America noted, “We make some rating adjustments in this report. From a prior Buy, we downgrade Owens-Illinois to Neutral. Meantime, we now rate Bemis a Neutral, up from Underperform. These moves are not reflective of any ‘call' we are making on 3Q reporting season. Rather, our changes reflect consideration of several factors we discuss in the report including relative FX sensitivity. As mentioned in our September report,we expect investors to gravitate to the best quality performers and/or those with distinct catalysts. Moreover, given several points we discuss,we will hold our companies to the proverbial short leash relative to our theses and will be closely evaluating performance during reporting season.”

Owens-Illinois closed on Thursday at $25.93.