Avnet 'Cycle' Trends Improve as Backlog Extends, Lead Times Lengthen, BofA Says
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Avnet (AVT) is experiencing improved industry trends, with extended backlog and a book-to-bill ratio above 1 across all regions, according to BofA Securities. Inventory correction has largely passed, and the company is entering an upcycle with a cleaner balance sheet. Operating leverage is improving, with expenses decreasing to 70.2% of gross profit. BofA upgraded Avnet to neutral and raised its price target to $96, though cautioned about potential demand weakness in late 2026 and 2027. Avnet's stock price is currently at $84.72, up 3.17%.
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