UBS analyst Joshua Spector downgraded Avery Dennison to Neutral from Buy with a price target of $235, down from $262. The analyst sees less room for earnings upside saying delays in RFID adoption is leading to a slowdown in RFID growth later this year. This has created additional debates about Avery’s medium-term growth potential, which could take a longer time frame to answer, the analyst tells investors in a research note.
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