Avnet’s “Neutral” Rating Reaffirmed at Zacks (AVT)
Avnet (NYSE:AVT)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Friday. They currently have a $46.00 price objective on the stock. Zacks‘s price objective would indicate a potential upside of 4.71% from the company’s current price.
Zacks’ analyst wrote, “Avnet posted mixed third-quarter results. The fourth-quarter guidance was less-than-encouraging due to seasonality. Moreover, a significant portion of the company’s revenues comes from the sale of semiconductors, which is a cyclical industry characterized by changes in technology and manufacturing capacity and is subject to significant market upturns and downturns. Nonetheless, we remain encouraged by management’s decision to optimize costs and investments to align the business with changing demand. While Avnet’s leading position in electronics distribution and acquisition synergies are encouraging, it faces stiff competition in both domestic and foreign operations, especially from archrival Arrow Electronics. Thus, we reiterate our Neutral recommendation on Avnet.”
Separately, analysts at SunTrust reiterated a “buy” rating on shares of Avnet in a research note on Friday, April 25th. They now have a $51.00 price target on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Avnet currently has an average rating of “Buy” and a consensus target price of $47.38.
Shares of Avnet (NYSE:AVT) traded down 0.75% on Friday, hitting $43.60. 387,200 shares of the company’s stock traded hands. Avnet has a 1-year low of $32.52 and a 1-year high of $48.18. The stock’s 50-day moving average is $43.1 and its 200-day moving average is $43.16. The company has a market cap of $6.034 billion and a price-to-earnings ratio of 12.66.
Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, April 24th. The company reported $1.03 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.08 by $0.05. The company had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the company posted $0.90 earnings per share. Avnet’s revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Avnet will post $4.18 earnings per share for the current fiscal year.
Avnet, Inc, together with its subsidiaries, is a distributor of electronic components, enterprise computer and storage products, information technology (NYSE:AVT) services and embedded subsystems.
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