UPDATE: Citi Raises Avery Dennison's PT

According to a research report published this morning, Citi has increased Avery Dennison's

PT from $27 to $32. In the report, Citi said, "Discretionary consumer spending drives over ½ of AVY's revenues, and 2Q is the most important quarter for these businesses. While AVY's 1Q earnings matched our estimates overall, declining revenues from lower volumes were offset only somewhat by improved expense controls and margins, yielding operating results that slightly trailed our estimates. When these results are combined with current economic conditions, the heightened potential for continued negative volumes in the crucial 2Q, and risk regarding the OCP sale, they together lead us to remain cautious on AVY at this time." Citi maintains its Neutral rating on Avery Dennison, which closed yesterday at $31.53.