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Upgrade Alert for Avnet (AVT)

By James Quinn

Avnet (NYSE:AVT) was upgraded from Strong Buy to Strong Buy at Raymond James today. The stock closed yesterday at $42.13 on volume of 1.8 million shares, above average daily volume of 797,000.

In the past 52 weeks, Avnet share prices have been bracketed by a low of $36.42 and a high of $46.95 and closed yesterday at $42.13, 16% above that low price. The 200-day and 50-day moving averages have moved 0.03% lower and 0.26% lower over the past week, respectively.

Avnet, Inc. distributes computer products and semiconductors, as well as interconnect, passive, and electromechanical components. The Company markets, inventories, and adds value to these products and provides supply-chain integration, engineering design, and technical services. Avnet serves customers in countries around the world.

Potential upside of 21.7% exists for Avnet, based on a current level of $42.13 and analysts' average consensus price target of $51.29. The stock should run into initial resistance at its 200-day moving average (MA) of $42.78 and subsequent resistance at its 50-day MA of $43.16.

SmarTrend is tracking the current trend status for Avnet and will alert subscribers who have AVT in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades avnet

Ticker(s): AVT