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The days of Barclays being an apologist for Avon Products Inc. (AVP) - Get Avon Products, Inc. Report  may be coming to a close as another weak earnings report and the company's announcement that CEO Sheri McCoy will be stepping down next year takes its toll on the brand. 

Barclays maintained its $4 price target on the company, but said that the stock was not investable due to poor cash flow and "continued execution missteps."

The firm believes that that execution is the company's biggest hurdle, while brand health remains strong. 

Avon shares were down 0.33% to $2.99 in premarket trading Friday. 

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