Avnet price target raised to $58 from $57 at BofA

BofA analyst Ruplu Bhattacharya raised the firm’s price target on Avnet (AVT) to $58 from $57 and keeps a Neutral rating on the shares. Avnet delivered fiscal Q1 revenue and EPS above the high end of guidance and the Street, but Q2 guidance was in-line with the Street on sales and lower on EPS, notes the firm, which models margins remaining weak for the next few quarters.