BofA lowered the firm’s price target on Avery Dennison (AVY) to $238 from $251 and keeps a Buy rating on the shares after the company recently announced that CFO Gregory Lovins will take a medical leave of absence, effective immediately. While the company stated that this is an interim move and that it hopes Lovins will make a speedy and full recovery, the market might lower multiples in the interim, noted the firm, which is assuming multiples drop 1-2 times on the development.
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