Avery Dennison Corp. (AVY)
by Zacks Equity ResearchJuly 24, 2012 | Comments : 0 Recommended this article: (0)
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Given the uncertain scenario, we do not expect a recovery in volumes in the near future. Avery generates one third of its revenue from Europe, and given the weak demand in the region, we maintain a cautious stance. Furthermore, rising raw materials prices, negative currency translation and slower growth following the sale of the Office and Consumer Products business remain headwinds.
We thus reiterate our Underperform recommendation on Avery Dennison with a target price of $27 per share. This target amounts to 13.6x our 2012 EPS estimate.
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