Arrow Electronics price target raised to $165 from $140 at Wells Fargo

Wells Fargo raised the firm’s price target on Arrow Electronics (ARW) to $165 from $140 and keeps an Underweight rating on the shares. While Q1 benefited from some unexpected demand pull-in across both businesses, Arrow’s results highlight continued signs of a cyclical recovery, the firm says. Wells views continued evidence of sustainable / structural EBIT percentage improvement as key driver of shares.