Markets & Finance

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.

Later, Baby

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