Avery Dennison price target lowered to $189 from $207 at BofA

BofA analyst George Staphos lowered the firm’s price target on Avery Dennison to $189 from $207 and keeps a Buy rating on the shares. The analyst says “destocking bad news” continues to hit the packaging and paper stocks, even one year after the retail inventory reduction trend and headlines that began in Q2 of 2022. The firm’s estimates are generally below the Street but it says valuation support “provides ballast in this environment.” BofA favors “beaten-up stocks if the bad news is nearly over.”