Wells Fargo Downgrades Avon Products (AVP) to Market Perform; Takeout of Entire Company Unlikely, Says Analyst
Get Alerts AVP Hot Sheet
Rating Summary:
3 Buy, 12 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Wells Fargo downgraded Avon Products (NYSE: AVP) from Outperform to Market Perform with a price target of $9-$10 (from $11-$12). Yesterday shares surged on rumors Avon is in talks with private equity firm TPG.
Analyst Chris Ferrara noted Avon sold its Japanese business to TPG in 2010. In his view, yesterdays' rumors are highly speculative, and gains are tied to "low expectations and high short interest." His LBO analysis suggests a takeout of the entire company is unlikely.
For an analyst ratings summary and ratings history on Avon Products click here. For more ratings news on Avon Products click here.
Shares of Avon Products closed at $8.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- Stifel Downgrades Saipem (SPM:IM) (SAPMY) to Hold
- CIMC Enric Holdings Ltd. (3899:HK) (CIMEF) PT Lowered to HK$8.70 at HSBC
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades, Rumors, Short SalesRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!