UBS Downgrades Avon Products (AVP) to Neutral; Ding Dong - No One’s Home

UBS downgraded Avon Products (NYSE: AVP) from Buy to Neutral, price target slashes from $31 to $20.

UBS analyst says, "In retrospect, we should have adhered to our original downgrade thesis on AVP earlier in the year—poor execution would limit upside. As AVP shares sold off and investor sentiment soured, we believed there was a contrarian opportunity to buy the stock. We were wrong. Due to our major concerns in the company’s ability to execute, a full internal review of the company’s business model, two SEC investigations and a risk to the dividend, we are downgrading the stock." (UBS lowers FY 2012 numbers to $1.69 from $2.21)

For more ratings news on Avon Products click here and for the rating history of Avon Products click here.

Shares of Avon Products closed at $18.81 yesterday.

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