Citigroup Downgrades Avery Dennison to Neutral, Raises Price Target to $214
Portfolio Pulse from Benzinga Newsdesk
Citigroup analyst Anthony Pettinari downgraded Avery Dennison (NYSE:AVY) from Buy to Neutral but increased the price target from $197 to $214.

January 03, 2024 | 2:22 pm
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NEUTRAL IMPACT
Avery Dennison was downgraded by Citigroup from Buy to Neutral, although the price target was raised from $197 to $214.
The downgrade to Neutral suggests that Citigroup sees limited upside potential or increased risk in Avery Dennison's stock, which could lead to a neutral or slightly negative short-term impact on the stock price. However, the increase in the price target to $214 indicates an improved outlook on the company's value, which could counterbalance the downgrade's effect. The mixed nature of the news (downgrade with a higher price target) may lead to a neutral short-term impact as the market digests both pieces of information.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100