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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The slide uses a 'Beat vs. (Miss)' row to emphasize the negative variance in Q4 guidance.",
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      "text": "Spruce Point believes that Avery's trend of disappointing sales expectations continued through the recent quarter. Despite a modest beat in Q3, its implied Q4 outlook leaves significant room for disappointment.",
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      "text": "Sales: $135.1",
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      "text": "Spruce Point believes that Avery's trend of disappointing sales expectations continued through the recent quarter. Despite a modest beat in Q3, its implied Q4 outlook leaves significant room for disappointment.",
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      "text": "Source: Avery and Bloomberg Consensus Expectations",
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      "text": "Sales Continue To Disappoint",
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