Avery Dennison's Growth Potential in Intelligent Labels Drives Buy RatingWe maintain our Dennison (AVY) given our expectation of ultimately improving fundamental trends and upside to our PO, among other points. While AVY still has lots to manage through, the incrementally better news in Intelligent Labels (IL; a/k/a radio frequence id, by our colleague Robby Ohmes) reminds investors that IL is a secular-growth business, even with recent headwinds. Moreover, using RFID in protein (a dense, moist product which brings challenges with the technology) was something that Avery could bring a solution for (others, perhaps, could not). Our 3Q flash (see report) has details, and additional call takeaways are: (a) AVY’s collaboration on IL for meat, deli and bakery could amount to ~$100mn of revenues over a two-year rollout.