Avery Dennison price target lowered to $209 from $215 at Truist

Truist lowered the firm’s price target on Avery Dennison to $209 from $215 but keeps a Buy rating on the shares after its Q3 results and Q4 guide. The analyst is citing lower estimates and a “slightly prolonged recovery” but also believes that the company should reach an inflection point in 2024 as destocking moderates in North America, volumes ramp in intelligent labels, and apparel demand normalizes, the analyst tells investors in a research note.