Deutsche Bank Comments on Avnet

Deutsche Bank provided color on Avnet AVT after Avnet's Analyst Day in New York in a research report published today. Deutsche Bank has a Buy rating and $35 price target on the company. In the report, Deutsche Bank states, "Despite a number of recent negative semi preannouncements, EM [electronics marketing] (components/ semis) demand has been consistent with prior expectations. Reiterating comments made on the F1Q-12 call, management noted that AVT is working down inventories in concert with sales guidance (down 6% Q/Q at the midpoint) and keeping a close eye on inventory aging." Shares of Avnet closed today at $28.32, down 3.31% from Tuesday's market close.