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Fly News Breaks for July 16, 2019
AVT, ARW
Jul 16, 2019 | 06:17 EDT
Citi analyst Tim Yang lowered his price target for Arrow Electronics (ARW) to $68 from $76 following the company announced weaker than expected preliminary June quarter results. The component business is the main reason for the negative guidance revision, driven by worse-than-expected demand in Asia and slight weakness in Europe and North America, Yang tells investors in a research note. He keeps a Neutral rating on Arrow Electronics. Further, the analyst says the company's announcement is negative for Avnet (AVT), who he notes has 100% revenue in the component distribution business versus Arrow's 70%.
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