UPDATE: Bank of America Merrill Lynch Lowers PO on Avnet to $37

Bank of America Merrill Lynch is out with its report today on Avnet AVT, lowering its PO from $40 to $37. In a note to clients, Bank of America Merrill Lynch writes, "Combined, we are reducing our F2011 and F2012 revenue estimates to $26.4bn and $26.9bn from $26.6bn and $27.5bn. F2011 and F2012 EPS go to $4.21 and $4.32 from $4.25 and $4.48. We are revising our PO to $37 ($40 prior) based on 9x our C2012 NOPAT of $5.14 less net debt of $7." Bank of America Merrill Lynch maintains Buy on AVT. At the time of posting, shares of AVT were trading at $28.03, down 0.36% from Wednesday's close.