Avon Soars After Citigroup Points to Signs of Turnaround
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Avon Products Inc.’s stock jumped 17 percent, its biggest gain in more than two years, after Citigroup Inc. raised its rating on the beleaguered cosmetics company.
Citigroup upgraded the company to a buy recommendation, with a target price of $5, saying that Avon will “likely articulate some long-awaited plans to fund reinvestment in the business to reaccelerate more profitable growth.”