O-I Glass price target lowered to $17 from $19 at Citi

Citi lowered the firm’s price target on O-I Glass to $17 from $19 and keeps a Buy rating on the shares post the Q3 report. The shares fell 5% as the company’s Q4 guidance was short of expectations and management didn’t reiterate expectations for 2024 EBITDA growth, instead pointing to “widespread” destocking that seemed to hit glass later than other substrates, the analyst tells investors in a research note. The firm believes investors may take a wait-and-see approach on a second half of 2024 volume recovery as destocking timelines have been pushed back across the sector several times.