O-i Glass

OI · NYSE

$5.91+$0.01 (+0.17%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $5.90

OI analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $9.78 (+65.5% upside)

Low: $6.36
Now: $5.91
High: $13.65

Upgrades and downgrades

The latest rating actions, newest first

OI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 19, 2026	Maintains	Overweight	$12.00 → $10.00	52%
RBC Capital	Oct 13, 2026	Maintains	Sector Perform	$8.00 → $7.00	46%
Truist Securities	Oct 12, 2026	Maintains	Buy	$10.00 → $8.00	46%
UBS	Oct 5, 2026	Downgrade	Buy → Neutral	$11.00 → $6.00	49%
Citigroup	Aug 21, 2026	Upgrade	Neutral → Buy	$8.00 → $9.00	56%
RBC Capital	Aug 13, 2026	Downgrade	Outperform → Sector Perform	$10.00 → $8.00	46%
Citigroup	Jul 31, 2026	Maintains	Neutral	$10.00 → $8.00	56%
UBS	Jul 30, 2026	Maintains	Buy	$15.00 → $11.00	50%
Truist Securities	Jul 30, 2026	Maintains	Buy	$13.00 → $10.00	46%
Truist Securities	Jul 15, 2026	Maintains	Buy	$14.00 → $13.00	46%

The case for and against

Updated Oct 17, 2026

Bull case

O-I Glass is benefiting from a non-volume-dependent 3-year Fit to Win program that targets $650 million of cumulative savings and could ultimately approach $1 billion, supporting a leaner cost base through SG&A cuts, productivity gains, and network optimization. Despite near-term pressure from European energy costs and price competition, the company still guides to 2026 EBITDA of $1.125-1.225 billion and expects about $1.45 billion in 2027, helped by roughly $150 million of F2W benefits and inflation-capturing purchase adjustment formulas on more than 50% of the business. The outlook is further strengthened by strong Americas execution, high-90% utilization, account gains across food, NABs, RTDs, beer, and spirits, and improving market tightness in Europe as plant rationalization and closures lift operating rates.

Bear case

O-I Glass is facing a weak fundamental setup as soft glass volumes across beer, wine, spirits, and NAB/CSD limit organic growth, while secular shifts toward cans and poorer consumer sentiment keep demand under pressure. The company also faces meaningful pricing and cost headwinds from European competitor oversupply, very high energy prices, and raw material inflation, with FY26 energy headwinds estimated at $225 million to $250 million and EBITDA held at $255 million in Q3, $1 billion in FY26, and $1.15 billion in FY27. With less deleveraging than expected, 3.8x net debt, and free cash flow likely negative in FY26 and barely breakeven in FY27, the balance sheet and cash generation profile leave limited room for a sustained re-rating.

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