UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Avon Products on Solid Early Progress
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Avon Products (NYSE: AVP), and raised its price target from $21.00 to $26.00.
Deutsche Bank noted, “While turnaround will take time, we expect to see incremental progress as restructuring gains steam and company eliminates costs to fund reinvestment, and innovation, with significant growth and margin upside potential from severely depressed levels. Issues that got the company to where they are today didn't happen overnight and recovery will take time, but absent macro dislocation and significant incremental operating stumbles, we see solid risk/reward even from these levels. Maintain Buy, raising price target to $26 (from $21).”
Avon Products closed on Tuesday at $20.79.
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