Stifel Starts Avery Dennison (AVY) at Buy

Stifel analyst Lars Kjellberg initiates coverage on Avery Dennison (NYSE: AVY) with a Buy rating and a price target of $274.60.

The analyst comments: "We initiate coverage on Avery Dennison (AVY) with a Buy rating and price target of US$275. AVY is the global market leader in self-adhesive and intelligent (RFID) labels. 2023 was a challenging year, with strong headwinds from destocking. Near-term normalisation of self-adhesive label volumes and structural growth in intelligent labels should drive top-line growth in 2024. We expect margins to benefit from improved operating leverage and directionally lower input costs. Following a strong recovery in 2024, long-term objectives for 2025 remain on target."

For an analyst ratings summary and ratings history on Avery Dennison click here. For more ratings news on Avery Dennison click here.

Shares of Avery Dennison closed at $215.10 yesterday.

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