Bank of America Merrill Lynch upgraded Avon Products, Inc. (AVP) on Friday as the beauty products manufacturer and distributor is in the middle of a turnaround.
The analysts upgraded Avon from “Neutral” to “Buy” with a price target of $20. This target is a +28.3% upside to Thursday’s closing price of $15.59.
Avon Products is in the middle of a turnaround strategy that has lead to the reduction of its dividend by 74% and cutting 1,500 jobs worldwide.
Avon shares were up 41 cents, or +2.63%, in premarket trading on Friday.
The Bottom Line
Shares of Avon Products (AVP) have a 1.54% dividend yield, based on last night’s closing stock price of $15.59. The stock has technical support in the $13.50-$14.00 price area. If the shares can firm up, we see overhead resistance around the $17-$18 price levels.
Avon Products, Inc. (AVP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.8 out of 5 stars.
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