Wells Fargo analyst Gabe Hajde downgraded Owens-Illinois to Market Perform from Outperform with a price target of $10, down from $15. The analyst says he was wrong as the primary tenant to his thesis, volume growth, is not materializing. Hajde does not see a clear path for positive North America volumes over the next 12-18 months. Furthermore, the lack of volume growth is having a "domino effect" across Owens-Illinois, prompting lower production rates and system-wide inefficiencies, Hajde tells investors in a research note. As such, he sees a balanced risk/reward scenario for the stock over the next 12 months.