Video: Shares Rise After Avnet Acquires Ascendant Technology Options

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Avnet (NYSE:AVT) shares rose $0.36 to $36.32 on Monday morning after the company agreed to acquire IT consulting firm, Ascendant Technology LLC. Phil Gallagher, global president, Avnet Technology Solutions said, "Avnet's acquisition of Ascendant Technology is expected to accelerate our global solutions distribution model. It supports our strategic focus on enhancing our services and software capabilities to drive growth for our suppliers and value-added resellers. Because of Ascendant's international footprint, Avnet's ability to identify new services and solution business opportunities for our partners will greatly expand." Terms were not disclosed. Avnet (NYSE:AVT) has potential upside of 7.1% based on a current price of $36.31 and an average consensus analyst price target of $38.87.

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