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Fly News Breaks for May 2, 2016
ARW
May 2, 2016 | 06:31 EDT
Citi analyst Jim Suva double downgraded Arrow Electronics to Sell from Buy citing early evidence that the cloud is increasingly starting to disrupt traditional IT distributors. Information Technology spending has increasingly shifted to the cloud, which makes consensus estimates for IT distributors too high, Suva tells investors in a research note. He downgraded a handful of names in the space after materially lowering his revenue and earnings estimates. The analyst cut his price target for Arrow to $53 from $70.
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