Owens-Illinois Shares Up As Price Target Lifted

WASHINGTON (AP) — Shares of Owens-Illinois Inc. rose Friday after an analyst lifted his share price target on the maker of glass bottles for beer, wine and soft drinks, citing the potential for a near-term volume recovery.

Shares of the Perrysburg, Ohio-based company added $1.18, or 4.4 percent, to $28.24 in midday trading. The stock has traded between $9.53 and $50.51 over the last 52 weeks.

Citi Investment Research analyst Timothy Thein raised his share price target to $33 from $30 following meetings with Owens-Illinois' management. Thein said the company is well-positioned for a recovery in global volumes.

In a note to clients, Thein said demand could recover mildly in the second quarter.

He also added that the company could grow through acquisitions. "With a sharply improved balance sheet, we could see Owens-Illinois take advantage of the global downturn through opportunistic tuck-on acquisitions in emerging markets," Thein wrote. "Acquisitions have played a huge role in Owens-Illinois' historical growth, and we see this continuing going forward.

He maintained a "Buy" rating on the stock.