UPDATE: Topeka Capital Markets Initiates Coverage on Avery Dennison Corporation with Hold Rating, $30 PT

In a report published Monday, Topeka Capital Markets initiated coverage on Avery Dennison Corporation

with a Hold rating and $30.00 price target. Topeka Capital noted, “We are initiating coverage of AVY with a Hold rating and a $30 price target. AVY is the leading global, and best-in-class producer of pressure sensitive materials, serving the worldwide label/converting industry. The pressure sensitive industry has become increasingly mature, and current growth prospects appear modest, especially in light of industry and macro headwinds. Absent greater visibility on fundamental inflections in core businesses or the potential disposition of its Office & Consumer Products business, but considering AVY's strong cash flow and dividend yield, AVY appears fairly valued at current levels.” Avery Dennison Corporation closed on Friday at $30.34.