In addition, BofA downgraded Avery Dennison (NYSE: AVY ) and Ball Corporation (NYSE: BALL ) to Underperform, again based on valuation and given the recent rally in the stocks. "While Ball Corp and Avery have long been amongst our favorite companies, we move both to U/P. This is partly a valuation call as both stocks have gotten close to our POs in recent weeks with AVY at 22x 2024E EPS and BALL at 18x, and also given our ratings distribution," explained analysts. "Additionally, we upgrade Brady (BRC) and Pactiv Evergreen (PTVE), both to Buy.