Avery Dennison price target lowered to $194 from $208 at Raymond James

Raymond James analyst Matt Roberts lowered the firm’s price target on Avery Dennison (AVY) to $194 from $208 and keeps an Outperform rating on the shares. The firm revised estimates for Packaging companies under coverage ahead of earnings with its estimate updates generally taking a more conservative volume approach as consumer trends starting in Q2 have sounded lackluster at best, the analyst tells investors in a research note. Based on the firm’s stress test, Raymond James sees ~10%-20% downside to EPS estimates in a recession scenario.