Avon's Rating Downgraded

Wed, 03/16/2011 - 12:13 EDT - Seeking Alpha

Zacks.com submits:
We have downgraded our long-term recommendation on Avon Products Inc. (AVP) to 'Underperform' from 'Neutral' with a target price of $25.00 per share. Also, the company has a Zacks #5 Rank, implying a short-term 'Strong Sell' rating on the stock. New York City based Avon Products directly sells cosmetics, fragrances, toiletries, jewelry, and accessories. The company markets to women around the world through 6.2 million independent sales representatives and is the world’s largest direct seller. The company’s products are classified under the following categories: Beauty, Beauty Plus, Beyond Beauty, and Health and Wellness. However, Avon recorded feeble operating performance in the fourth quarter of 2010. The company's earnings per share plunged 13.2% to $0.59 from $0.68 per share in the year-ago period. The decline was principally due to reduction in operating margin, which resulted from unfavourable product mix, rising commodity cost and a 27% sales decline in Venezuela. Moreover, AvonComplete Story »

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