Avon Products: S&P Intraday Laggard
NEW YORK (TheStreet) - Avon Products (AVP) was the worst-performing stock in the S&P 500 on Tuesday morning.
The S&P 500 rose 1.5 points to 1340 after a strong read on manufacturing activity in the New York area.
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Shares of Avon Products fell 9.79% to $18.70. Coty withdrew its $10.7 billion bid to buy Avon late Monday.
Coty raised its bid last week for Avon to $24.75 a share, or about $10.7 billion, from a prior offer of $23.25 a share, or $10 billion.
Avon Products' stock trades at an estimated price-to-earnings ratio for next year of 15.25 times; the average for personal products companies is 15.42X. For comparison, Estee Lauder (EL) has a lower forward P/E of 21.94X. Twelve of the 16 analysts who cover Avon rate it at hold. Three analysts give the stock a buy rating and one rates it at sell. The stock has risen 6.87% year to date. --Written by Alexandra Zendrian in New York.>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: tips@thestreet.com. >To follow the writer on Twitter, go to Alexandra Zendrian.
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