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Morgan Stanley Ups Avery Dennison to 'Overweight'

Morgan Stanley upgraded Avery Dennison (AVY) to overweight from equal-weight.

Analyst Richard Ottenstein says he sees a solid earnings per share outlook for 2003 and 2004. He notes the Jackstaedt acquisition solidified Avery's global roll materials leadership; the RVL acquisition limits the risk of a bad diversifying acquisition, and opens the door to promising new opportunities. Ottenstein says the stock's valuation looks attractive. He sees $3.10 2003 earnings per share, $3.45 for 2004, and $3.85 for 2005. He has a $65 target.

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