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Fly News Breaks for October 4, 2019
ARW, TXN, AVT
Oct 4, 2019 | 10:34 EDT
Longbow analyst Shawn Harrison downgraded Avnet (AVT) to Neutral from Buy, citing uncertainty created by Texas Instruments' (TXN) decision to end its distribution relationship with the company. Avnet now finds itself in "an unenviable position of finding new significant cost cuts while already halfway through massive cost reductions," said the analyst, who estimates the gross profit impact is $150M, or greater than $1.00 per share of EPS. Harrison added that he expects TI to migrate the business to Arrow Electronics (ARW)
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