Wells downgrades O-I Glass to Equal Weight on weak volumes, tariffs

Wells Fargo downgraded O-I Glass (OI) to Equal Weight from Overweight with a price target of $15, down from $16. The firm says the shares have been a top performer in the packaging group, rallying 34% year-to-date. Due to excess capacity in Europe, “persistently weak” volumes in North America and tariff risk for O-I Glass, Wells is moving to the sidelines ahead of the Q2 report.