JPMorgan downgraded Avery Dennison (AVY) to Neutral from Overweight with a price target of $172, down from $205. The company’s Q1 cash flow “was not strong” and it abandoned its annual earnings guide due to economic risks, the analyst tells investors in a research note. The firm says Avery is facing non-operational tailwinds and operational headwinds in 2025. JPMorgan moves to the sidelines with the company’s fundamental business trends “now turning negative and earnings risk rising.” It will be difficult for Avery to enjoy multiple expansion or meaningful earnings growth in the current environment, contends the firm.
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