Avery Dennison price target raised to $258 from $253 at Truist

Truist analyst Michael Roxland raised the firm’s price target on Avery Dennison to $258 from $253 and keeps a Buy rating on the shares. The stock fell despte the company’s better than expected earnings and guidance raise, with investors concerned with Avery Dennison’s lower Intelligent Labels sales growth forecast, which it has revised down the last few quarters, the analyst tells investors in a research note. Truist notes that the company’s logistics customer has been experiencing parcel weakness the last few quarters and is still unwinding a large inventory build, but also sees the delay in new customer rollouts as temporary, with rollouts instead likely to occur in 2025.