Bank of America upgrades AVT shares after raising its price target by $30, citing improved outlook for the distributor.
Bank of America upgraded Avnet (AVT) to Neutral from Underperform and increased its price target to $96 from $66. The move reflects a more favorable view of the electronic component distributor’s prospects.
Prior to the upgrade, Avnet’s shares had faced downward pressure, with the previous $66 target representing a more cautious stance. The new $96 target suggests a potential upside of over 45% from recent levels.
Avnet’s stock rose approximately 3% following the announcement, reflecting investor reaction to the revised outlook.