Avery Dennison price target lowered to $208 from $218 at Raymond James

Raymond James analyst Matt Roberts lowered the firm’s price target on Avery Dennison (AVY) to $208 from $218 and keeps an Outperform rating on the shares. A disappointing Intelligent Labels growth rate and lower than expected EPS outlook weighed on results, which Raymond James tells investors is a “theme all too familiar over the past couple quarters.” However, the firm thinks expectations are now largely reset, and visibility into IL growth in the more established apparel/general retail end markets appears clearer with potential upside from new rollout timing.