Avnet price target lowered to $52 from $54 at Truist

Truist lowered the firm’s price target on Avnet (AVT) to $52 from $54 and keeps a Hold rating on the shares. The company’s results were mixed, as revenue upside from some one-time benefits was not met with EPS upside, the analyst tells investors in a research note. Avnet’s Q1 outlook is below-seasonal and below-consensus, though investors should not view this as a matter of conservatism but rather reflecting the reality of excess inventory and weak demand, the firm added.