However, Wells Fargo warned that consumer "value-seeking behavior," including trading down to lower-cost goods and buying in bulk—continues to pressure volumes, particularly for companies like Graphic Packaging (NYSE: GPK ), which it flagged as at risk for a guidance cut. The firm raised estimates across several names in the group, driven in part by a weaker U.S. dollar during the quarter. It expects a more optimistic tone from managements compared with the previous quarter, though still tempered by caution around tariffs and inventory discipline from consumer goods companies and retailers. Despite O-I outperforming peers year-to-date, Wells Fargo said it prefers to step back given the macro uncertainties and limited near-term catalysts.