Shares of Anixter (AXE) Trade up Over 4.6% on Baird's Upgrade, Market Looks Stronger Than Expected

Shares of Anixter International (NYSE: AXE) have traded down 20 percent over the past two months and as a result Baird upgraded its rating on the stock from Neutral to Outperform.

Shares of AXE are currently trading up 4.63 percent or $2.83 to $64.01.

An analyst at Baird commented that recent survey data entails that the near-term environment is not as poor as the Street suspects, mostly in the electrical and data communications fields.

The firm reports that suppliers in the electrical and data communications fields are forecasting double-digit growth for the current quarter with the trends expected to carry over the to following quarter.

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