Avnet price target lowered to $50 from $55 at BofA

BofA analyst Ruplu Bhattacharya lowered the firm’s price target on Avnet to $50 from $55 and keeps a Neutral rating on the shares. The firm notes management continues to execute well in the face of a global inventory correction and weak end markets, which have led to lower demand from customers and elevated inventory levels across the supply chain. Overall, market softness can continue for several quarters, perhaps extend through 2024, BofA said in a research note on Friday.