Citigroup, Inc (NYSE: C) Reiterated a “Buy” Rating on Avnet Inc (NYSE: AVT)

Citigroup, Inc (NYSE: C) Reiterated a “Buy” Rating on Avnet Inc (NYSE: AVT)

Citigroup, Inc (NYSE: C) analysts reiterated a “buy” rating on Avnet Inc (NYSE: AVT) and lowered ts price target from $37.00 to $36.00 saying that they were adjusting their valuation methodology.

Avnet, Inc. (Avnet), together with its subsidiaries, is an industrial distributor of electronic components, enterprise computer and storage products, and embedded subsystems. The Company distributes electronic components, computer products and software as received from its suppliers or with assembly or other value added by Avnet. In addition, Avnet provides engineering design, materials management and logistics services, system integration and configuration, and supply chain services. It has two operating groups: Electronics Marketing (EM) and Technology Solutions (TS). EM markets and sells semiconductors, and interconnect, passive and electromechanical devices (IP&E). TS markets and sells mid to high-end servers, data storage, software, and the services required to implement these products and solutions. In July 2010, Avnet, Inc. acquired Bell Microproducts, Inc., and Tallard Technologies companies (Tallard), part of Itautec S.A. – Grupo Itautec.

Shares of AVT traded down 3.34% hitting $24.32 during mid-day trading on Thursday.

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