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Bank of America Merrill Lynch Upgrades Avon Products to “Buy” (AVP)

By
January 4th, 2013

Bank of America Merrill Lynch Upgrades Avon Products to "Buy" (AVP)

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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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.