Loop Capital analyst Chris Kapsch lowered his price target on Avery Dennison to $111, saying that while the company beat on Q1 earnings and raised its guidance, the "quality of its earnings progression" was less favorable. The analyst says Avery Dennison is "stepping up its investment in restructuring to drive further margin improvement", which suggests there may be "deceleration across the broader pressure sensitive adhesives market globally". Kapsch sees the risk-reward as "generally balanced" while its strong free cash flows and "buyback propensity" support the valuation on the stock, keeping his Hold rating.