JPMorgan analyst Jeffrey Zekauskas upgraded Avery Dennison (AVY) to Overweight from Neutral with a price target of $205, down from $210. The firm views view Avery’s intelligent label initiative as a “significant and attractive long-term growth lever.” Intelligent label growth slowed from about a 15% growth rate to closer to an 8%-9% growth rate in 2024 following volatility in shipping labels to the logistics end market, the analyst tells investors in a research note. However, JPMorgan forecasts 9%-10% growth in the company’s intelligent label business for 2025 and views yesterday’s “restatement in market value” as an investment opportunity.
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