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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "presentationDate": "2020-11-10 00:00:00",
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  "notes": "The slide uses a 'Bulls vs Bears' comparison frame to highlight the disconnect between market optimism and operational reality.",
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      "text": "Avery Dennison Corp (Underweight; Price Target: $130.00)",
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      "text": "The bulls talk multiple expansion, whereas the bears talk hard data points showing that Avery has had no organic EBIT growth absent cost cutting.",
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      "text": "Price Target: $190.00",
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      "text": "The bull case rests on Avery returning to normal growth and rewarding it with multiple expansion. The bull case has conducted no forensic work to identify evidence to suggest accounting manipulation of restructuring charges to hit numbers...",
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      "text": "The bull case has conducted no forensic work to identify evidence to suggest accounting manipulation of restructuring charges to hit numbers, material adverse risks to its tax policies, or reasons why free cash flow is peaking.",
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      "text": "BULL CASE $190.00, BASE CASE $146.00, BEAR CASE $95.00",
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      "text": "Equity Bull Case: \"The Future Is Brighter, So Raise Our Multiple And Price Target\"",
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