Avery Dennison double upgraded to Buy at BofA

As previously reported, BofA upgraded Avery Dennison to Buy from Underperform with a price target of $250, up from $207, citing the rising macro tide’s impact on Avery’s businesses, and the company’s quality including its long-term return and economic value-added outlook. In Packaging & Paper/Forest Products, the firm looks at relative quality, largely defined by earnings and volume growth, return on capital, valuation, and idiosyncratic catalysts if available, the analyst tells investors in a group preview note.