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  "docId": "019dd923-622c-750b-8b98-ff42cd6c571b",
  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "pageNumber": 81,
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  "notes": "The slide uses arrows to visually emphasize the upward trend in price targets despite negative operational indicators.",
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      "text": "In effect, the only basis for the price target increase is stock promotion through multiple expansion.",
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      "text": "Price Target: $146.40",
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      "text": "Analysts cheered Avery's Q3 results, increasing its average price target by nearly $19 dollars. The share price ebullience comes despite the fact that Avery didn't increase its free cash flow guidance for the year, missed Q4 sales guidance, increased its dividend at the lowest rate in years, and announced its VP of Investor Relations is leaving. Avery continues to warn that its excessive cost cutting measures will be a headwind if markets recover. In effect, the only basis for the price target increase is stock promotion through multiple expansion.",
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      "text": "1) Downside based on $152.35 share price",
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      "text": "Analyst, Recommendation, Price Target Pre Q3 2020, Price Target Post Q3 2020",
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      "kind": "title",
      "text": "Poor Risk / Reward",
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