O-I Glass price target lowered to $22 from $28 at Baird

Baird lowered the firm’s price target on O-I Glass to $22 from $28 and keeps an Outperform rating on the shares. The firm said in their opinion, while management seems to have pivoted towards an extreme downside scenario from a guidance standpoint, the reality is that the aggressive inventory destocking along the supply chain in 2024 lays the foundation for accelerated volume stabilization,which to Baird seems likely by 3Q24.