UPDATE: Bank of America Moves to No Rating on Avon Products

Bank of America removes its rating on Avon Products

as the company rejects an offer from Coty. Previously, AVN was rated Buy with a $24 price objective. Bank of America says, "Coty, a U.S.-based beauty company with $4.5bil in sales and $760mil in EBITDA, announced this morning an offer for AVP for $23.25 per share; Avon has subsequently rejected Avon's offer, noting that it is not in the best interest of AVP's shareholders. The proposed price implies a multiple of 15.7x our CY12 EPS estimate and ~9x our CY12 EBITDA estimate when including $2bil net debt. Pre-market, AVP shares are trading up roughly in-line with the proposed price." AVP closed at $19.36 on Friday.