Avnet Inc. (AVT) Updates Q3 Earnings Guidance
Avnet Inc. (NYSE:AVT) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $1.02-1.12 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.03, AnalystRatings.NET reports. The company issued revenue guidance of $6.6-7.2 billion, compared to the consensus revenue estimate of $6.63 billion.
A number of analysts have recently weighed in on AVT shares. Analysts at Ned Davis Research upgraded shares of Avnet from a neutral rating to a buy rating in a research note to investors on Monday, December 30th. On a related note, analysts at Zacks reiterated a neutral rating on shares of Avnet in a research note to investors on Wednesday, October 30th. They now have a $42.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Avnet from $42.00 to $44.00 in a research note to investors on Friday, October 25th. They now have a buy rating on the stock. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $43.04.
Shares of Avnet Inc. (NYSE:AVT) opened at 44.55 on Thursday. Avnet Inc. has a 52 week low of $31.02 and a 52 week high of $44.55. The stock’s 50-day moving average is $42.45 and its 200-day moving average is $40.41. The company has a market cap of $6.129 billion and a P/E ratio of 13.21.
Avnet (NYSE:AVT) last announced its earnings results on Wednesday, January 22nd. The company reported $1.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.10 by $0.07. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.97 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Analysts expect that Avnet Inc. will post $4.20 EPS 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.
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