UPDATE: Miller Tabak Downgrades Avnet to Neutral on Negative Outlook

Miller Tabak reduced its rating on Avnet AVT from Buy to Neutral. Miller Tabak commented, "We are trimming our expectations for the EM and TS business for the September quarter and beyond. Historically AVT has been able to adjust its business model to adapt to slower growth environments. We think the company can flex the model to help cushion earnings downside. Based on our negative outlook for the industry into 2013 and our cut to EPS we are downgrading the stock to Neutral from Buy. We see limited upside to the share from current levels. We think investors will need to see AVT protect the bottom line and show some stability in revenue and earnings before getting long the stock." Avnet closed at $32.62 on Monday.