Baird raised the firm’s price target on Avery Dennison to $230 from $215 and keeps an Outperform rating on the shares. The firm said following a set of uncharacteristically choppy quarterly earnings reports, they believe that the convincing volume improvement on a year-over-year basis during 1Q confirms early stage volume recovery for Avery Dennison, noting that momentum should build throughout 2024 as stabilization in the apparel markets accelerates Intelligent Labels growth.
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