Avon Products (AVP) PT Raised to $3.50 at DA Davidson; 'Signs of Green Shoots'

DA Davidson analyst Linda Bolton Weiser raised the price target on Avon Products (NYSE: AVP) to $3.50 (from $2.50) while maintaining a Buy rating.

The analyst commented, "Although down >50% Y/Y due to FX and rep investments, AVP's 4Q18 operating profit of $77M was only $5M below our estimate ($20M below consensus). Like-for-like (LFL) sales were -1% vs. -4% in 3Q18. Four of the top five markets had sequential LFL sales growth improvement, and three were up Y/Y. Although Brazil and Russia were still down Y/Y, they posted meaningful sequential improvement, and Brazil is expected to return to growth with significant profit improvement in 2019. India was +26% and China was +12%, including 30% growth on Tmall."

You May Also Be Interested In

• Amazon.com (AMZN) PT Raised to $215 at UBS
• ASM Pacific Technology (522:HK) (ASMVF) PT Raised to HK$120 at JPMorgan
• Carel Industries SpA (CRL:IM) PT Lowered to EUR21.60 at Goldman Sachs