- Piper Jaffray downgrades Avon Products (NYSE:AVP) to Neutral from Overweight after yesterday's 7.3% gain. Shares are up 20% YTD.
- Analyst Stephanie Wissink calls shares "fairly valued" at current levels. She sees an extended timeframe for Avon to extrapolate value from the company's new initiatives.
- A $5 price target is established on AVP off a 7X enterprise value/FY17 EBITDA multiple.
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