Avnet upgraded to Neutral from Underperform at BofA

BofA analyst Ruplu Bhattacharya upgraded Avnet (AVT) to Neutral from Underperform with a price target of $96, up from $66. Backlog is extending further out, book-to-bill remains greater than 1 across all regions, and greater than 50% of tracked categories show lead time extension, notes the analyst, who calls these cycle indicators “constructive.” The firm has conviction in near-term estimates as inventory correction looks largely past the trough and Avnet is “showing clear upcycle patterns,” the analyst added.