Morgan Stanley is out with its report today on Avon Products AVP, maintaining Equal-weight.
In a note to clients, Morgan Stanley writes, "We do expect 5% EPS upside versus consensus in the balance of the year, as we believe consensus is mis-modeling positive FX benefits and easier comparisons. However, given our longer-term concerns around EPS quality (weak cash flow, organic sales growth being more than entirely driven by pricing, etc.) and short-term risk from FCPA investigations, as well as a de-risking marketplace sentiment, we remain Equal-weight."
Shares of AVP closed Monday at $29.72.
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