Avery Dennison downgraded to Underperform from Buy at BofA

BofA downgraded Avery Dennison to Underperform from Buy with a $208 price target. BofA says this is partly a valuation call, as the stock has gotten close to the firm’s price target in recent weeks. The firm expects pressure-sensitive and apparel label trends to remain muted, preventing Avery Dennison’s normal operating leverage from kicking in until 2H24 at the earliest.