Arrow Electronics’s “Neutral” Rating Reaffirmed at Zacks (ARW)
Arrow Electronics (NYSE:ARW)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Friday. They currently have a $64.00 target price on the stock. Zacks‘s price objective suggests a potential upside of 5.59% from the company’s current price.
Zacks’ analyst wrote, “Arrow posted mixed first-quarter results with the bottom line surpassing the Zacks Consensus Estimate but revenues missing the same. Year-over-year comparisons were modestly up and the company had a favorable book-to-bill ratio. Moreover, positive commentary about enhanced productivity, annual cost savings and continued higher contributions from Europe are encouraging. Moreover, incremental sales from strategic acquisitions, such as Computerlinks, are expected to boost Arrow’s top line, going forward. We believe that Arrow’s core strength of providing best-in-class services and easy-to-acquire technologies are expected to bolster its growth in the future. However, uncertain economic conditions and competition from Avnet and Ingram Micro are concerns, going forward. Thus, we reiterate our Neutral recommendation on Arrow.”
Shares of Arrow Electronics (NYSE:ARW) traded down 0.66% during mid-day trading on Friday, hitting $60.21. 238,081 shares of the company’s stock traded hands. Arrow Electronics has a 1-year low of $37.60 and a 1-year high of $61.20. The stock has a 50-day moving average of $57.63 and a 200-day moving average of $55.57. The company has a market cap of $5.999 billion and a price-to-earnings ratio of 14.42.
Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.01. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $5.34 billion. During the same quarter in the previous year, the company posted $0.89 earnings per share. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Analysts expect that Arrow Electronics will post $5.71 EPS for the current fiscal year.
Separately, analysts at Stifel Nicolaus raised their price target on shares of Arrow Electronics from $58.00 to $62.00 in a research note on Wednesday, May 7th. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $58.20.
Arrow Electronics, Inc (NYSE:ARW) is a provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.
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