Avon Products Inc.
was upgraded to buy from neutral at D.A. Davidson on confidence in the beauty company’s new management team and its growth targets. Analysts raised their price target to $3.50 from $1.75. Avon shares rose 3.7% in Monday premarket trading. D.A. Davidson highlights that Jan Zijderveld, the company’s new chief executive, has set an operating margin growth target of at least 10% in 2021. “We were impressed with the sense of urgency displayed by new CEO Jan Zijderveld at his first analyst meeting on September 21st,” analysts wrote. “Unlike the previous CEO, he is engaged in operations, is committed to establishing a culture of accountability, and has moved quickly to bring in executives with direct selling experience.” Avon outlined a growth strategy at its meeting on Friday that includes modernizing the company and transforming the corporate culture. Avon shares are up 2.3% in Monday trading and up 16% for the year so far. The S&P 500 index
has gained 9.2% for 2018 to date.
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