In a report released yesterday, Adam Josephson from KeyBanc reiterated a Buy rating on Avery Dennison Corp (AVY), with a price target of $110. The company’s shares closed yesterday at $102.20.
Josephson wrote:
“We think AVY’s guidance is appropriately conservative and does not appear to assume much, if any, pickup in China or Europe later this year. AVY is a best-in-class company in our view, yet the stock is trading just slightly above the packaging group average and well below peers Ball Corp. (BLL) and AptarGroup (ATR) on EV/EBITDA. We reiterate our Overweight rating.”
According to TipRanks.com, Josephson is a 4-star analyst with an average return of 8.9% and a 68.1% success rate. Josephson covers the Consumer Goods sector, focusing on stocks such as Graphic Packaging, Clearwater Paper, and Sonoco Products.
Currently, the analyst consensus on Avery Dennison Corp is a Strong Buy with an average price target of $115, a 12.5% upside from current levels. In a report issued on January 18, UBS also maintained a Buy rating on the stock with a $125 price target.
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Based on Avery Dennison Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $150 million. In comparison, last year the company had a GAAP net loss of $59.6 million.
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Most recently, in November 2018, David Pyott, a Director at AVY sold 2,000 shares for a total of $186,000.
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Avery Dennison Corp. engages in the provision of labeling and packaging materials and solutions. Its businesses include the production of pressure-sensitive materials and a variety of tickets, tags, labels, and other converted products.
