) 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.