Avnet price target raised to $49 from $48 at Truist

Truist raised the firm’s price target on Avnet to $49 from $48 and keeps a Hold rating on the shares. The company delivered in-line Q4 results, but built significant inventory and guided below consensus, though while it’s easy to make a broadly negative read on semis, the problems vary meaningfully supplier to supplier, the analyst tells investors in a research note. The strongest end markets in the quarter were transportation and defense, though other end markets were soft, the firm states, adding that Avnet management also noted weakness in the industrial, consumer, and communications end markets.