UPDATE: Deutsche Bank Downgrades Avnet to Buy, Reiterates $42 PT on Fair Valuation

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In a report published Monday, Deutsche Bank analyst Sherri Scribner downgraded the rating on
AvnetAVT
from Hold to Buy, but reiterated the $42.00 price target. In the report, Deutsche Bank noted, “We have downgraded both ARW and AVT to Hold from Buy, as we believe the stocks are now fairly valued having caught up to the year-to-date performance of the SOX and trading at historical average book values of 1.3x. This quarter, we expect Arrow and Avnet to exhibit normal seasonality amid a subdued global demand environment. The components segment will be driven by strength in the industrial and automotive markets, and we believe inventory levels how now been worked down. In IT hardware, we expected more muted demand, with servers being weaker, while storage remains a bright spot.” Avnet closed on Friday at $42.78.
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Posted In: Analyst ColorDowngradesAnalyst RatingsDeutsche BankSherri Scribner
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