Avery Dennison price target lowered to $202 from $228 at Citi

Citi analyst Anthony Pettinari lowered the firm’s price target on Avery Dennison (AVY) to $202 from $228 and keeps a Neutral rating on the shares. The firm updated estimates and preferred stock rankings as part of its 2025 packaging outlook. Packagers meaningfully underperformed in 2024 as tepid volumes and price/cost pressure drove negative estimate revisions throughout the year, the analyst tells investors in a research note. However, positively, packaging CEOs are responding with a greater sense of urgency, drive mergers and acquisitions, contends Citi. The firm views Sealed Air (SEE) as the most likely acquisition target in 2025. Its preferred names in 2025 are Smurfit WestRock (SW), Sealed Air, and Silgan Holdings (SLGN).