Fly News Breaks for July 1, 2016
AVY
Jul 1, 2016 | 06:54 EDT
BofA/Merrill analyst George Staphos downgraded Avery Dennison two notches to Underperform from Buy. BofA/Merrill's strategists are forecasting a UK recession, relative weakness in the GBP and Euro versus the dollar, and a slowdown in GDP in both the Euro-zone and US, resulting in Staphos trimming estimates. The analyst points to Avery's relatively high retail exposure, difficult comps, and relative valuation for the change in rating.
News For AVY From the Last 2 Days