Arrow Electronics price target lowered to $148 from $155 at BofA

BofA analyst Ruplu Bhattacharya lowered the firm’s price target on Arrow Electronics to $148 from $155 and keeps a Neutral rating on the shares. The firm said in a research note on Friday that it expects revenues and margins will be challenged over the next 2-3 quarters as Arrow navigates an inventory correction. BofA remains on the sidelines as it thinks long-term mix shift to more software and services, is balanced by near-term revenue risk from weaker macro, market inventory correction, and some order rescheduling.