Truist lowered the firm’s price target on Avery Dennison to $215 from $219 after its Q2 earnings miss but keeps a Buy rating on the shares. The company is nearing an inflection point as destocking shows potential near-term moderation, volumes ramp in higher-margin Intelligent Labels, and as Avery Dennison drives cost optimization, the analyst tells investors in a research note. The company also expressed confidence in achieving its $10+ EPS runrate by early 2024, Truist added.
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