Market Overview

UPDATE: Stifel Nicolaus Raises PT to $40 on Avnet Following Conference Call

Share:
Related AVT
Tech Data Skips From Underperform To Buy At CLSA On Avnet Deal
CLSA Ponders What Avnet Will Do With Cash From Tech Data Deal

Stifel Nicolaus reiterated its Buy rating on Avnet (NYSE: AVT) and raised the price target from $35.00 to $40.00.

Stifel Nicolaus commented, "Positive bookings trends in the components business is an encouraging sign that the component cycle has at least bottomed, if not turned, and that a modest inventory-refresh period may be in the offing. The surprisingly strong sequential growth in Tech Solutions (up roughly 27% on a pro forma basis) is a clear sign that enterprise deals pushed out from the Sept. quarter got done in calendar Q4 and pipeline quarter-to-date indicates a return to seasonal patterns, another positive. Management said it still aims to achieve 3.7% EBIT margins in the June quarter, which would imply an annual EPS run-rate of well north of $4.00."

Avnet closed at $34.40 on Thursday.

Latest Ratings for AVT

DateFirmActionFromTo
Sep 2016CitigroupMaintainsSell
Sep 2016Cross ResearchDowngradesHoldSell
Sep 2016Stifel NicolausDowngradesBuyHold

View More Analyst Ratings for AVT
View the Latest Analyst Ratings

Posted-In: Stifel NicolausAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (AVT)

View Comments and Join the Discussion!