Arrow Electronics price target lowered to $120 from $141 at Truist

Truist analyst William Stein lowered the firm’s price target on Arrow Electronics (ARW) to $120 from $141 and keeps a Hold rating on the shares after its Q3 earnings beat but lower than expected outlook. The electronics supply chain has been burning through more excess inventory than most people previously expected, but the guidance also looks somewhat worse than that, with the downtick “more related to a supplier transition”, the analyst tells investors in a research note.