Avnet price target raised to $50 from $49 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Avnet (AVT) to $50 from $49 but keeps a Sell rating on the shares after its Q2 results and below-consensus guidance. Avnet, along with the broader semiconductor industry, will have hit a cyclical bottom by mid-year, but the firm is maintaining its “relatively cautious” stance toward the stock given cross-cycle margin pressure, the analyst tells investors in a research note. Avnet’s rate of margin recovery will lag that of most companies in the analyst’s coverage universe, though the firm would consider turning more constructive on the stock upon greater conviction in its through-cycle market share, Goldman added.