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Avery Dennison upgraded to Overweight from Neutral at JPMorgan

Avery Dennison upgraded to Overweight from Neutral at JPMorgan

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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