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Fly News Breaks for January 13, 2020
Jan 13, 2020 | 06:19 EDT
Wells Fargo analyst Joseph Quatrochi downgraded Arrow Electronics (ARW) to Equal Weight from Overweight and Avnet (AVT) to Underweight from Equal Weight. Despite some suppliers calling a bottom in the semi cycle, distributors have remained cautious on a recovery given macro uncertainties and lack of forward visibility, Quatrochi tells investors in a research note. While the analyst expects improving semi demand throughout 2020, he thinks distributor results could reflect a continued "bouncing along the bottom" as inventory corrections continue ahead of a potential mid 2020 demand recovery. Quatrochi sees a balanced risk/reward for Arrow shares and expects "choppy results" from Avnet over the next few quarters.
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