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Fly News Breaks for October 21, 2016
AVT
Oct 21, 2016 | 07:34 EDT
As previously reported, Longbow upgraded Avnet to Buy from Neutral with a $53 price target. Analyst Shawn Harrison said shares are trading at only 1.1x Q3 book value of $37 and said bookings remain positive and the company is receiving little credit for accretive Premier Farnell acquisition. Further, Harrison said the $2B in process from selling TS provides optionality for buybacks or M&A.
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