Avnet had its Relative Strength (RS) Rating upgraded from 67 to 72 Thursday — a welcome improvement, but still shy of the 80 or better score you look for.
IBD's unique RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matched up against all other stocks.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an 80 or higher RS Rating as they begin their largest climbs. See if Avnet can continue to show renewed price strength and hit that benchmark.
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Avnet is still inside a buy range after breaking past a 55.03 buy point in a cup with handle. Once a stock moves 5% or higher beyond the original entry, it's considered extended and out of buy range.
Earnings growth declined in the most recent report from -41% to -43%. But revenue moved higher, from -15% to -12%.
The company holds the No. 12 rank among its peers in the Electronics-Parts industry group. Amphenol Cl A, Coherent and CTS Corp are among the top 5 highly rated stocks within the group.
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