UPDATE: Deutsche Bank Raises Target to $41 on Avnet

Deutsche Bank reiterates its Buy target on Avnet (NYSE: AVT) and raises its price target up $6 to $41 a share as improvement in profitability, HDD pricing and share buybacks drive upside on EPS.

Deutsche Bank says, "AVT reported F2Q-12 sales of $6.69B, largely in line with Consensus at $6.74B, and EPS of $1.15, well ahead of Consensus at $1.04. OpMgns improved 50bps Q/Q to 4.0% with profitability improvements in TS, elevated HDD prices (+$0.05-$0.07 EPS impact), and share buybacks driving the upside. F3Q-12 guidance was for sales of $5.95-$6.55B and EPS of $0.94-$1.02, mixed to Consensus at $6.33B/ $0.96."

AVT closed at $33.60 a share on Thursday.