Truist Securities analyst Michael Roxland reiterated a Buy rating on the shares of Avery Dennison Corp (NYSE: AVY) with an unchanged price target of $215.
In-line with comments it made during 2Q earnings, AVY expects destocking, which has occurred across a majority of end-markets and categories, to largely conclude in 2H, said the analyst.
During 2Q, AVY incurred two weeks of notable label destocking in North America and Europe equating to 15% of volumes on a normalized basis with each week costing about $50 million - $60 million in revenue.
These trends should normalize in 3Q and 4Q as destocking ...