Arrow Electronics price target lowered to $98 from $100 at Wells Fargo

Wells Fargo lowered the firm’s price target on Arrow Electronics (ARW) to $98 from $100 and keeps an Underweight rating on the shares. The firm notes Arrow’s results and guide reflect continued bouncing along the bottom of the semi cycle as visibility of a recovery remains limited. With additional cost reduction efforts, Wells expects investor focus to remain on margin and earnings stability.