UPDATE: Deutsche Bank Cuts PT to $23 on Avon Products; Fundamentals Sidelined

Deutsche Bank lowers its price target from $26 to $23 on Hold-rated Avon

as corporate and management actions have sidelined underlying business fundamentals. Deutsche Bank says, "With uncertainty around potential corporate actions and new management's turnaround strategy, underlying fundamentals remain a side show. Either way, we see significant latent growth and earnings potential here, careful not to dismiss a global direct selling model that has proven its viability over time. While few short-term catalysts outside M&A exist, beauty is a good business and geographic footprint is enviable." AVP closed at $19.87 on Tuesday.