JPMorgan downgraded Avery Dennison (AVY) to Neutral from Overweight with a price target of $210, down from $230. The company signed an RFID deal with Kroger, which is Avery’s first step into the broad, large food markets, the analyst tells investors in a research note. The firm says Avery faces difficult logistics comparisons in intelligent labels in the second half of 2024. It moved to the sidelines until it can better understand the business trends at work.
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Read More on AVY:
- Avery Dennison reports Q3 adjusted EPS $2.33, consensus $2.32
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- Avery Dennison expands RFID adoption in grocery retail industry
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