UBS upgraded Avery Dennison to Buy from Neutral with a price target of $220, up from $184. The company’s “stock could break out” as its growth inflects in the second half of 2023 and 2024, the analyst tells investors in a research note. The firm estimates that Avery’s earnings will grow 26% in 2024, and then deliver annual growth of 14%-15% through the rest of its five year forecast period. When the company’s earnings growth moves higher, so does its multiple relative to the S&P 500 Index, says UBS.
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