Zacks Investment Research downgraded shares of Avnet, Inc. (AVT) from NEUTRAL to UNDERPERFORM on October 17, 2012, with a target price of $25.00.
We are downgrading our recommendation on Avnet from Neutral to Underperform. Earnings estimates for the company have declined significantly, as the weakened economy and currency fluctuation continues to hurt its businesses. Moreover, the competitive strides in the industry may have a detrimental impact on the company. However, Avnet's diversified product ranges and notable acquisition strategy would surely have a positive impact on its businesses. Additionally, the company's cost effective initiatives and share repurchase activity are also impressive.
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