Avery Dennison price target lowered to $220 from $238 at BofA

BofA lowered the firm’s price target on Avery Dennison (AVY) to $220 from $238 and keeps a Buy rating on the shares. Packaging underperformed the S&P 500 by about 22% in 2024 while Paper/Forest declined a relative 7% with weakness in volumes an ongoing theme, says the analyst, who adds that “all in, we prefer Packaging to Paper/Forest.”