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Avnet (AVT) Boosts IoT Offerings in Collaboration With AT&T

Avnet Inc. AVT recently announced additions to the series of AT&T T IoT Starter Kits that have been developed by the duo. The latest additions include STM32L4 and 4 G LTE-M development platform.

Avnet’s IoT starter kits are aimed at assisting designers in easing development and prototyping of IoT devices. It consists of key components that enable collection of sensor data, connection to the network and simultaneous management, storage and analytics of the connected devices.

Per the press release, “This LTE-M iteration of the AT&T IoT Starter Kit, with IoT Discovery board from STMicroelectronics, reduces the complexity of LTE-M device development by bringing together all the elements required to develop and prototype highly secure, cost-effective and reliable IoT devices connected to AT&T’s 4G LTE-M network.”

We believe the new inclusion, which the company will demonstrate across various “Technology Tour stops” throughout the United States, will boost its IoT solutions suite, thereby aiding its top line going ahead.

Timeline of Avnet’s IoT Initiatives

Notably, Avnet has been trying to expand its footprint in the IoT domain over the past year via investments in embedded solutions, IoT and critical digital platforms, as well as expansion into greenfield markets.

In January, the company launched its cloud-based IoT platform & services via Microsoft’s MSFT Azure. The platform, called IoTConnect leverages Azure’s hybrid cloud computing for data distribution and analysis across cloud-based and on-premise storage systems and will enable users to deploy a variety of applications.

In December 2017, the company announced a wide range of Internet of Things (IoT) services for the entire lifecycle of related products. These enhanced services will be assisting consumers with designing to delivery of IoT products.

In February 2017, the company partnered with AT&T for further development of its IoT solutions. Additionally, it made several inorganic additions via the acquisitions of Dragon Innovation, Premier Farnell and Hackster.io, to enhance its capabilities in this space.

Notably, per a recent article by Energy Live News that quoted ITC, worldwide spending on IoT is predicted to reach $1.3 trillion by 2020 from $700 billion in 2016. We believe with the ongoing advancements in the domain, Avnet is poised to make the most of the growth opportunity.

Currently, Avnet carries a Zacks Rank #3 (Hold).

A better-ranked stock in the broader technology sector is Micron MU, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Micron has an expected long-term EPS growth rate of 10%.

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