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Owens-Illinois (OI) Stock Coverage Reinstated at Deutsche Bank

NEW YORK (TheStreet) -- Owens-Illinois (OI - Get Report) stock coverage was reinstated with a "buy" rating at Deutsche Bank on Monday with a price target of $26.

The Perrysburg, OH-based glass container manufacturer will benefit from the new leadership of Chief Operating Officer Andres Lopez, who is expected to become CEO by the end of the year, analysts at Deutsche Bank said.

The company will need six to 18 months of consistency to gain credibility with shareholders, the analysts noted, adding that Lopez would positively impact corporate culture and strategic focus.

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Owens-Illinois has attractive growth opportunities in Mexico through its $2.15 billion acquisition of the Vitro food and beverage glass container business earlier this year, the analysts added.

The deal, completed in September, is expected to add about $0.30 to EPS in the first year.

Deutsch Bank projected 2016 EPS of $2.40 per share for the company, which implies 17% growth year-over-year.

Shares of Owens-Illinois were down 0.72% to $23.28 in early afternoon...