Avery Dennison (AVY) PT Raised to $258 at Truist Securities

Truist Securities analyst Michael Roxland raised the price target on Avery Dennison (NYSE: AVY) to $258.00 (from $253.00) while maintaining a Buy rating.

The analyst commented: "AVY reported operating EPS of $2.42 vs. Truist Securities at $2.25 / Street at $2.25. AVY increased its 2024 EPS guidance to $9.30-9.50 (was $9.00-9.50), implying a ~19% y/y improvement at the midpoint given the 2Q outperformance, faster apparel normalization, and modestly better expectations for 2H. The revised guidance is predicated on organic sales growth of ~4-5% (was ~3-5%) and ~HSD% y/y volume growth, partially offset by deflationary price reductions. Restructuring actions should yield ~$50mn+ of savings (was ~ $45mn+), while unfavorable currency translation should cost the company ~$10mn in EBIT (was ~$5mn). In 3Q, AVY expects EPS will decline ~MSD% q/q, consistent with historical seasonality."

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