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Fly News Breaks for July 12, 2019
AVY
Jul 12, 2019 | 07:07 EDT
BofA Merrill Lynch analyst George Staphos downgraded Avery Dennison to Neutral from Buy, stating that he expects sluggish Q2 revenue trends in the packaging and paper space and he favors a strategy of being overweight the combination of rigid packaging and some "lower quality stocks" that could benefit from an uptick in emerging markets and trade deal sentiment. Avery should benefit from restructuring and operating leverage in Retail Branding & Information Solutions, but he cites the stock's recent outperformance and potential volume challenges in Label & Graphic Materials for his lower rating.
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