BMO Capital lowered the firm’s price target on Avery Dennison to $252 from $254 but keeps an Outperform rating on the shares. The company highlighted the strength of its two core platforms at its investor day and demonstrated how Avery Dennison should continue to drive double-digit EPS growth with 5% or more in top line growth and continued margin lift, the analyst tells investors in a research note. Several of the company’s targets – 15% or more in RFID and 17% in margins – will likely prove to be conservative as Avery Dennison continues to enjoy increased penetration while shifting to higher value Materials applications, the firm added. With steady double-digit EPS growth, new grocery wins should come “very soon”, BMO stated.
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