Avery Dennison initiated with a Hold at Jefferies

Jefferies initiated coverage of Avery Dennison (AVY) with a Hold rating and $175 price target While the company’s decade-plus track record of GDP-plus growth and margin expansion remains intact, 2025 is a “gap year,” with the deteriorating macro environment from tariffs and trade war uncertainty weighing heavily on Avery’s 40% emerging market exposure, the analyst tells investors in a research note. The firm says the company also has 55% exposure to the apparel, industrial, and logistics end markets.