Avnet price target raised to $54 from $50 at Truist

Truist analyst William Stein raised the firm’s price target on Avnet (AVT) to $54 from $50 and keeps a Hold rating on the shares. The company’s Q2 result was above consensus, driven by revenue expansion in both the core components segment and Farnell, the analyst tells investors in a research note. Truist adds that Avnet’s growth finally transitioned into positive territory after two years, even though profitability is lagging expectations.