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Fly News Breaks for June 20, 2017
AVY
Jun 20, 2017 | 07:21 EDT
As previously reported, BofA/Merrill upgraded Avery Dennison to Buy from Neutral and increased its price target to $96 from $90. Analyst George Staphos said the demand outlook appears positive driven by strong e-commerce trends, indicated by an increase in box shipments of up mid-single-digits in May, The analyst said increased demand is a positive for Avery's Label and Graphic Materials business, and a pick up in apparel imports, when combined with an e-commerce demand, is a positive for the company's Retail Branding & Information Solutions and radio frequency identification trends. Staphos also adds that the input cost picture is better than anticipated with falling oil prices, limiting higher adhesive monomer prices.