O-I Glass price target lowered to $18 from $19 at Wells Fargo

Wells Fargo lowered the firm’s price target on O-I Glass to $18 from $19 and keeps an Overweight rating on the shares ahead of quarterly results. The firm believes it is a little too early to get broadly constructive in the space. With most companies narrating a cautiously optimistic second half of the year outlook, Wells’ base case is a little more muted, as it assumes volumes likely trend flat, rather than +low single-digit. Further, a protectionist policy could lead to further raw material cost hike pressuring margins, the firm adds.