Avery Dennison price target lowered to $207 from $216 at BMO Capital

BMO Capital lowered the firm’s price target on Avery Dennison (AVY) to $207 from $216 and keeps an Outperform rating on the shares. Despite a difficult demand environment, Avery Dennison beat Q2 expectations as strength in higher-margin businesses offset weakness in the base, the analyst tells investors in a research note. Management set a conservative bar for Q3 assuming no macro improvement and continued softness in apparel despite signs of possible improvement.