Arrow Electronics price target raised to $220 from $165 at Raymond James

Raymond James raised the firm’s price target on Arrow Electronics (ARW) to $220 from $165 and keeps an Outperform rating on the shares. Better-than-expected March quarter results and June guidance highlighted accelerating end-demand, strong operating leverage, and broad-based regional and vertical strength, with improving leading indicators supporting the view that the cycle has inflected, while volume-driven growth, improving Western and mass market demand, and sharply higher margins from better mix and a leaner cost structure reinforce a higher-quality recovery and an increasingly attractive valuation backdrop, the analyst tells investors in a research note.