Barclays analyst Michael Leithead initiated coverage of O-I Glass with an Underweight rating and $12 price target. The analyst initiated coverage of five Packaging names with a positive industry view. However, he thinks further restructuring/asset rationalization in the North American glass bottle market is needed. The analyst expects 2020 North American earnings to remain pressured from lower volumes and high decremental margins. This restructuring plus the likelihood of 2020 being another earnings "reset year" helps drive Leithead's Underweight rating on O-I Glass.