UBS Maintains a 'Buy' on Avnet (AVT); Raising Estimates as Thesis Remains Intact

UBS maintains a 'Buy' on Avnet (NYSE: AVT) price target raised $2 to $39.

UBS analyst says, "Good Set of Results; TS Makes Steady Progress...With 2Q, 3Q (guidance) ahead (mid-point EPS $0.98 vs. street/UBSe $0.95), our EPS estimates move higher. We now foresee FY12/FY13 Revs/EPS of $25.9b/$4.09 and $26.9b/$4.68 vs. $26.3b/$3.91 and $27.0b/$4.45, previously. Results signal improving fundamentals, with order activity strengthening in the back half of Dec and staying firm YTD, and EM sales forecast at +3% q/q (just below normal seasonality) for 3Q. Btb 0.97 in 2Q, above 1Q; lead times normal (UBSe 8-12 weeks); ASPs stable."

For an analyst ratings summary and ratings history on Avnet click here. For more ratings news on Avnet click here.

Shares of Avnet closed at $33.60 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Avnet (AVT) files mixed shelf
• Candel Therapeutics Inc. (CADL) PT Raised to $15 at Freedom Broker
• argenx SE (ARGX) PT Raised to $1,353 at TD Cowen