On July 10, Avnet rose 6.55% in regular trading, trading at $88.85 per share, with turnover of $30.28 million.

On the news front, Avnet announced it amended its receivables purchase agreement to increase the maximum purchase limit to $700 million from $500 million and extended the facility's maturity to July 1, 2028. The amendment also excludes certain receivables from the agreement while all other terms remain substantially unchanged.

The expanded financing capacity comes on the heels of a strong third fiscal quarter in which revenue of $7.12 billion significantly beat the consensus estimate of $6.412 billion, while adjusted EPS of $1.48 topped the $1.32 estimate by 12.12%. Truist and BofA Securities raised their price targets to $95 and $96, respectively. BofA noted improving cycle trends with backlog extending, book-to-bill ratios above 1 across all regions, and lead times lengthening, signaling Avnet is entering an upcycle with a cleaner balance sheet than in prior cycles.

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