Arrow Electronics price target lowered to $118 from $132 at Truist

Truist analyst William Stein lowered the firm’s price target on Arrow Electronics (ARW) to $118 from $132 and keeps a Hold rating on the shares. The company’s Q4 topped estimates but Q1 guidance missed as the recovery is pushed out again, the analyst tells investors in a research note. The electronics supply chain has been burning through more excess inventory than most companies and investors previously expected, and Arrow’s guidance reflects a continuation of this narrative, Truist added.