UPDATE: Wellington Shields Upgrades Avon Products to Hold on Upcoming Turnaround

Wellington Shields upgraded Avon Products

from Sell to Hold and raised the price target to $21.00. Wellington Shields commented, "We are upgrading AVP to a Hold based on signs that a recovery is slowly beginning. Fourth quarter results signaled a taste of stability in the business. While there is still very little top line momentum and results are quite mixed around the globe, the positives include an improved cost structure and balance sheet. … Forecasting earnings and cash flow is a bit of a guess, and we recognized that there is the potential for much higher earnings when everything falls into place. But until we see more visibility on the top line, and resolution of some of the many policy challenges like FCPA and disposition of Silpada, we are taking a more cautious view to the forecast." Avon Products closed at $20.80 on Tuesday.