SunTrust Initiates Coverage on Avnet (AVT)
Equities research analysts at SunTrust initiated coverage on shares of Avnet (NYSE:AVT) in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating on the stock.
Several other analysts have also recently commented on the stock. Analysts at UBS AG downgraded shares of Avnet from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, September 26th. They now have a $43.00 price target on the stock, up previously from $40.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Avnet in a research note to investors on Tuesday, August 20th. They now have a $41.00 price target on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Avnet from $40.00 to $42.00 in a research note to investors on Friday, August 9th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Avnet currently has an average rating of “Buy” and a consensus target price of $42.32.
Shares of Avnet (NYSE:AVT) traded down 1.05% on Tuesday, hitting $41.60. 1,082,854 shares of the company’s stock traded hands. Avnet has a 1-year low of $25.41 and a 1-year high of $42.74. The stock’s 50-day moving average is $40.63 and its 200-day moving average is $36.22. The company has a market cap of $5.706 billion and a price-to-earnings ratio of 13.10.
Avnet (NYSE:AVT) last released its earnings data on Wednesday, August 7th. The company reported $0.98 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.96 by $0.02. The company had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.48 billion. During the same quarter in the previous year, the company posted $0.99 earnings per share. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts predict that Avnet will post $4.19 earnings per share for the current fiscal year.
Avnet, Inc (NYSE:AVT) together with its subsidiaries, is an industrial distributor of electronic components, enterprise computer and storage products and embedded subsystems.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.