UBS Boosts PT on Arrow Electronics (ARW) to $45 Following Q4 Results

February 11, 2013 12:32 PM EST
Get Alerts ARW Hot Sheet
Price: $72.21 -2.17%

Rating Summary:
    4 Buy, 5 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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UBS raised its price target on Buy-rated Arrow Electronics (NYSE: ARW) from $42 to $45 following strong Q4 rev/EPS, which beat the consensus by 3% and 15% respectively although Q1 guidance was more cautious than they had anticipated, especially after peer Avnet reported.

"While Y/Y trends are off the lows, recovery is still weak for the industry, though commentary from some semi suppliers is pointing to a better environment into 2Q," the analyst said. "With the ARW model sensitive to demand, and with 5 qtrs of negative Y/Y sales growth (incl 1Q13), we remain cyclically biased."

CY13/CY14 EPS estimates edge down modestly by 2-4% and we they now foresee rev/EPS at $20.5b/$4.09 and $21.8b/$4.86 vs. $20.6b/$4.17 and $21.9b/$5.05.

For an analyst ratings summary and ratings history on Arrow Electronics click here. For more ratings news on Arrow Electronics click here.

Shares of Arrow Electronics closed at $40.46 yesterday.

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