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