Arrow Electronics price target lowered to $135 from $140 at Raymond James

Raymond James analyst Melissa Fairbanks lowered the firm’s price target on Arrow Electronics (ARW) to $135 from $140 and keeps an Outperform rating on the shares. The company delivered solid upside in the September quarter, despite challenging end market conditions, and its outlook is largely in line with overall industry demand trends, the analyst tells investors in a research note. Initial fears that the announced restructuring actions were reactionary to either short-term demand trends or changes in supplier behavior are overdone, the firm says.