JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Investing.com - Wells Fargo (NYSE:WFC) downgraded O-I Glass Inc. (NYSE:OI) from Overweight to Equal Weight on Friday, while setting a price target of $15.00. According to InvestingPro data, analyst targets for the stock range from $13 to $21, with the company’s next earnings report due in 11 days on July 29.
The downgrade comes despite O-I Glass being a top performer in Wells Fargo’s coverage group year-to-date, with shares up 34% compared to the Materials Select Sector SPDR Fund’s 7% gain. InvestingPro data confirms this strong performance, showing a 39.35% return over the past six months and positioning the stock near its 52-week high of $16.04.
Wells Fargo cited several concerns for the rating change, including excess capacity in Europe, persistently weak North American volumes, and tariff risk.
The bank acknowledged that self-help initiatives implemented by CEO Gordon Hardie, who took over in May 2024, are already delivering meaningful year-over-year profit improvement for the glass container manufacturer.
Despite these positive developments, Wells Fargo indicated it is "comfortable moving to the sidelines" on the stock given the various market challenges facing the company.
In other recent news, O-I Glass Inc. reported stronger-than-expected financial results for the first quarter of 2025. The company achieved earnings per share of $0.40, surpassing the forecasted $0.23, and generated $1.6 billion in revenue, exceeding the anticipated $1.55 billion. O-I Glass is executing its "Fit-to-Win" turnaround strategy, which contributed $61 million in savings and is expected to drive results toward the upper end of its guidance. RBC Capital maintains an Outperform rating on O-I Glass with a $16 price target, while BofA Securities downgraded the stock from Buy to Neutral, citing concerns over the alcohol market. The company recently expanded its incentive plan, increasing share allocation for awards and introducing full vesting provisions upon a change in control. Additionally, shareholders ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. O-I Glass continues to navigate challenges in the European market, with segment operating profit improvements in the Americas.
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