Shares of technology distributor and solutions provider Avnet (NASDAQ:AVT) are rising in the pre-market session today after it posted better-than-anticipated fourth-quarter numbers. Revenue rose 2.9% year-over-year to $6.6 billion, outperforming estimates by $330 million. EPS at $2.06 too surpassed expectations by $0.41.
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During the quarter, while Electronic Components (EC) sales rose by 3% to $6.1 billion, Farnell sales inched up by 0.7% to $445.4 million. The company saw healthy growth across the Americas and EMEA regions but witnessed a sharp 11.9% contraction in Asia.
Looking ahead, Avnet expects Q1 2024 sales to hover between $6.15 billion and $6.45 billion. EPS for the quarter is anticipated between $1.45 and $1.55.
Overall, the Street has a $51.50 consensus price target on Avnet alongside a Moderate Sell consensus rating. This points to a 14.6% potential upside in the stock, on top of an 8% price gain so far this year.
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