The Fly

Natura &Co upgraded to Buy from Neutral at BofA

BofA analyst Robert Ford Aguilar upgraded Natura &Co (NTCO) to Buy from Neutral with a price target of R$22, up from R$20, after a Bloomberg article stated that Natura is evaluating the sale of a strategic stake in Aesop to either Shiseido (SSDOY), L’Oreal (LRLCY) or LVMH (LVMUY) at a valuation in excess of $2B. BofA, which believes a potential Aesop transaction could be followed by efforts to rein in losses and exit unprofitable markets at both Avon and The Body Shop, does not rule out the possibility of wider strategic considerations at Natura &Co.

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