Avnet price target lowered to $54 from $58 at Truist

Truist analyst William Stein lowered the firm’s price target on Avnet (AVT) to $54 from $58 and keeps a Hold rating on the shares. The firm reiterated a cautious semiconductor and artificial intelligence sector view, but is more constructive on Nvidia (NVDA) and Monolithic Power (MPWR) while more cautious on Tesla (TSLA). A new analysis suggests we may have additional downward pressure to estimates, the analyst tells investors in a research note.