CLSA Reiterates Avnet (AVT) Buy Rating

CLSA analysts Steven Fox and Elizabeth Barnum reiterated their Buy rating and $36 price target for shares of Avnet, Inc. (NYSE: AVT).

CLSA hosted the AsiaUSA Forum in San Francisco, which Avnet's CEO Roy Vallee and Vince Keenan, VP of IR, attended.

The CLSA analysts said of the meetings, "our sense from our meetings so far this week is that Avnet's FQ3 (Mar) outlook can prove conservative in both Technology Solutions (mid-range servers and related products; 40-45% of sales) and Electronics Marketing (electronic components; 55-60% of sales). Although there is still a lot to be decided in the month of March, we continue to think low inventory levels and favorable shipment trends, especially to start the year, are bullish signs."