UBS Upgrades Avon Products (AVP) to Neutral (Earlier)

UBS upgraded Avon Products (NYSE: AVP) from Sell to Neutral with a price target of $11.00 (from $12.50).

Analyst Stephen Powers said, "Although we lower our AVP estimates and PT today to reflect elevated macro risk and recent currency moves, we also upgrade the stock to Neutral as it has fallen -19% over the past month alone, and now sits well below our prior $12.50 PT, and much more in line with our revised PT of $11. Over that time, AVP's multiple has compressed to 11.6x current 2015 consensus (13.8x our below-consensus 2015 EPS estimates)—a valuation that we believe better reflects fundamental downside risks."

For an analyst ratings summary and ratings history on Avon Products click here. For more ratings news on Avon Products click here.

Shares of Avon Products closed at $11.05 yesterday.

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