UPDATE - Wedbush Downgraded Avon Products (AVP) to Neutral; Proposed Buyout Offer Rebuffed

UPDATE - Wedbush downgraded Avon Products (NYSE: AVP) from Outperform to Neutral. Price target cut from $24 to $23.25.

Analyst, Rommel Dionisio, said, "Despite lack of near term earnings visibility, we believe Avon’s core fundamental strengths, which include its powerful global brand equity and well established distribution platform in emerging markets, remain largely intact...Our new PT is consistent with Coty’s proposed buyout level, as we believe that given the lack of prospective suitors due to Avon’s unique direct sales distribution platform, there will not be a major bidding war for the company."

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