Goldman Sachs Upgrades Avnet to Neutral with Price Target $41.00

Brokerage firm Goldman Sachs Upgrades its rating on Avnet(NYSE:AVT). In a research note issued to the investors, the brokerage major Raises the price-target to $41.00 per share. The shares have been rated Neutral. Previously, the analysts had a Sell rating on the shares. The rating by Goldman Sachs was issued on Jun 7, 2016.

In a different note, On May 2, 2016, Citigroup said it Downgrades its rating on Avnet. In the research note, the firm Lowers the price-target to $49.00 per share. The shares have been rated ‘Sell’ by the firm. On Apr 29, 2016, Brean Capital said it Downgrades its rating on Avnet. The shares have been rated ‘Hold’ by the firm. Bank of America said it Initiates Coverage on Avnet, according to a research note issued on Apr 27, 2016. The shares have been rated ‘Neutral’ by the firm.

Avnet (AVT) shares turned negative on Fridays trading session with the shares closing down -0.55 points or -1.29% at a volume of 6,72,549. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $42.53. The peak price level was also seen at $42.53 while the days lowest was $42.08. Finally the shares closed at $42.22. The 52-week high of the shares is $46.95 while the 52-week low is $36.415. According to the latest information available, the market cap of the company is $5,426 M.

Avnet(AVT) last announced its earnings results on Apr 28, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $6.17B. Analysts had an estimated revenue of $6.31B. Earnings per share were $1.01. Analysts had estimated an EPS of $0.99.

Several Insider Transactions has been reported to the SEC. On Sep 10, 2015, Maryann G. Miller (Senior Vice President) sold 9,562 shares at $42.45 per share price.Also, On Sep 10, 2015, James A Lawrence (director) purchased 46,700 shares at $42.60 per share price.On Feb 26, 2015, Steven R Phillips (Senior Vice President) sold 6,455 shares at $46.30 per share price, according to the Form-4 filing with the securities and exchange commission.

Avnet Inc. distributes electronic components enterprise computer and storage products information technology solutions and services and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe the Middle East and Africa; and Asia/Pacific consisting of Asia Australia and New Zealand. The EM segment markets and sells semiconductors and interconnect passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. The TS segment focuses on the distribution of enterprise computing servers and systems software storage services and complex solutions from the technology manufacturers. The TS segment also provides hard disk drives microprocessor motherboard and dynamic random-access memory module technologies to manufacturers of computers and system builders.

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