Citi Maintains AVP Buy Rating

Citi has reiterated Avon Products Inc.'s AVP Buy Rating after reading AVP's 2010 10-K. Citi writes, "With AVP committed to its longer term operating margin goal of mid-teens by 2013 as well as 50-70 bps of expansion in 2011, and with AVP's management's compensation now being aligned with these targets, we see greater likelihood for margin expansion. Moreover, with the stock trading at only 12x our 2012 EPS estimate, we maintain our Buy (1M) rating." AVP has a $35.00 Price Target. AVP closed yesterday at $26.96.