Avnet price target raised to $50 from $48 at BofA

BofA raised the firm’s price target on Avnet (AVT) to $50 from $48 and keeps an Underperform rating on the shares after the company reported fiscal Q4 revenue and EPS above Street estimates. While “encouraged” by improving book-to-bill, backlog and improvement in the turns business, the firm sees Asia remaining strong, which will continue to pressure Electronics Components segment operating margin, and sees the catalog business Farnell remaining weak, the analyst tells investors.