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Fly News Breaks for February 1, 2019
Feb 1, 2019 | 06:12 EDT
Stifel analyst Matthew Sheerin downgraded Arrow Electronics to Hold and lowered his price target to $80 from $85 ahead of its earnings next week, saying the consensus estimates for the stock are likely "too high". The analyst believes the company is hampered by a prolonged inventory correction highlighted by "several key semiconductor and component suppliers' earnings". Sheerin adds that the Street forecasts do not sufficiently account for the slowdown in Asia demand and for the inventory correction across Arrow Electronics' OEM and EMS customers, noting that while the valuation on the stock is low, shares should remain range-bound until the cycle bottom.
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