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UBS Warburg Downgrades Avnet to 'Neutral'

UBS Warburg downgraded Avnet (AVT) to neutral from buy.

Analyst Patrick Parr says he's downgrading electronics components maker Avnet because its stock has appreciated to within a range of his $14 target. He thinks the stock is currently trading near fair value, and will likely trade within a relatively narrow range in the near term.

Carr notes his thesis on Avnet remains unchanged. He says Avnet is a restructuring story. Imminent catalysts appear limited, and further upward revisions to earnings per share estimates or the p-e multiple seem unlikely at present. He sees 24 cents fiscal 2003 (June) earnings per share, and 67 cents for fiscal 2004.

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