01:05 AM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target price by $23 to $242, which values AVY at 22.5x our 2025 EPS estimate, a premium to AVY's three-year avg. forward P/E of 20.3x, justified by our view that AVY is poised to accelerate adj. EPS growth over the next two years (with strength in smart labels). Our adj. EPS estimates are unchanged: $9.50 in 2024 and $10.75 in 2025. AVY posts Q1 adj. EPS of $2.29 vs. $1.70, $0.14 above consensus; revenue increased 4.2% Y/Y and beat consensus by 0.5%. Q1 adj. EBITDA margin expanded 275 basis points Y/Y to 16.3%. The Materials segment posted double-digit volume growth Y/Y as downstream inventory destocking subsided. For full year 2024, we forecast 4-5% organic sales growth, driven by high single-digit volume growth, partly offset by lower prices (related to contractual input cost deflation). We have a high level of confidence in the intelligent label business growing at around 20% per year for the next two years, driven by new programs and a strong rebound in the base apparel business.