Avery Dennison price target raised to $215 from $190 at Baird

Baird analyst Ghansham Panjabi raised the firm’s price target on Avery Dennison to $215 from $190 and keeps an Outperform rating on the shares. The firm noted that that mixed end-markets and inventory destocking masked the otherwise solid progress in Intelligent Labels during 2H23. The absence of the destocking headwind at a minimum should sum to improved volume optics in 2024, with the company well-positioned to deliver on outsized operating leverage given ongoing cost-outs.