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Fly News Breaks for August 12, 2019
AVT
Aug 12, 2019 | 09:28 EDT
SunTrust analyst William Stein lowered his price target on Avnet to $39 and kept his Hold rating after its Q4 earnings miss and below-consensus Q1 guidance, saying the company's profitability is being weighed down by the weakness of its high-margin Farnell business. The analyst notes that the segment's customers are seeking cheaper sources of the more widely-available components, pressuring margins and pricing. Stein also lowers his FY20 EPS view to $3.04 from $4.83 to reflect the headwinds.
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