We’re maintaining our fair value estimate and moat rating for Avnet AVT after it reported third-quarter results that indicate trepidation from enterprise businesses in Western markets, but continued growth in emerging markets. Avnet generated $6.3 billion of total sales, in line with seasonality and our own expectations. Pro-forma sales to higher-margin Western markets (EMEA and Americas) declined year-overyear in both of Avnet’s segments—electronics marketing (EM) … Continue reading Avnet Reports Soft Sales to Western Markets, Growth in Asia