Avnet price target raised to $45 from $40 at Wells Fargo

Wells Fargo analyst Joe Quatrochi raised the firm’s price target on Avnet to $45 from $40 and keeps an Underweight rating on the shares. Avnet’s results and guidance reflect the continued bouncing along the bottom of the semi cycle, the analyst says. The speed of demand recovery and the return of EBIT leverage remain a key driver of shares, Wells tells investors.