KeyBanc analyst Adam Josephson noted that he had previously reduced his 2019 estimates for Avery Dennison because of deteriorating global volume and demand trends, adding with just a week left in Q3 that the company faces those economic headwinds but also the impact of the continued strengthening of the U.S. dollar and recently imposed tariffs on most apparel imported from China. Falling input costs, specifically paper prices, could help, but he doesn't think they'll be enough to offset weak demand, unfavorable foreign exchange moves and potentially unfavorable tariff impacts. Josephson has a Sector Weight rating on Avery Dennison shares.