Citi lowered the firm’s price target on Avery Dennison (AVY) to $190 from $201 and keeps a Neutral rating on the shares. The firm updated estimates in the packaging group as part of a Q1 preview. Citi sees a “tough” setup near-term for the sector amid rising energy and fiber costs. Boxboard conditions are challenging with oversupplied markets limiting pricing power, the analyst tells investors in a research note.
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