O-I Glass shares surged 6.6% in pre-market trading on Thursday following an upgrade from Citi, which cited improving prospects in the Americas and restructuring progress in Europe.
The glass container manufacturer’s stock, trading just above its 52-week low of $6.29, had declined more than 52% over the prior 12 months. Citi revised its rating on the stock from Neutral to Buy and increased its price target to $9 from $8, according to the firm’s latest note. The bank had been gradually reducing its target throughout 2026.
O-I Glass reported second-quarter results in late July, highlighting sustained strength in its Americas operations while noting ongoing restructuring challenges in Europe. The company’s shares had been under pressure, with the latest rally bringing them closer to InvestingPro’s fair value estimate of $8.74.
In broader U.S. equity markets, major indices showed modest gains in pre-market trading, with the S&P 500 up 0.4%, the Dow Jones Industrial Average up 0.4%, and the Nasdaq Composite rising 0.6%.
