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Message: Chavez’s 3-Tiered Currency System May Spur Inflation

By Daniel Cancel

Jan. 11 (Bloomberg) -- BMO Capital Markets cut its earnings target for Avon Products Inc. because the cosmetics maker was one of many U.S. consumer companies “ill prepared” for Venezuela’s currency devaluation, said BMO analyst Connie Maneaty.

New York-based Avon had as much as $135 million in local currency in Venezuela at the end of the third quarter, Maneaty said. Venezuela devalued the official exchange rate by as much as 50 percent on Jan. 8.

To contact the reporter on this story: Daniel Cancel in New York at dcancel@bloomberg.net

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