Zacks Investment Research downgraded shares of ARROW ELECTRONICS, INC. (ARW) from NEUTRAL to UNDERPERFORM on July 20, 2012, with a target price of $29.00.
Earnings estimates for Arrow Electronics declined after reporting first quarter earnings per share that missed the Zacks Consensus Estimate. Management stated that macroeconomic challenges in the European region and slower growth in China adversely impacted business in those regions. Even though there have been a number of acquisitions and profitable contracts earned, this might not be enough to battle the fierce competition in this industry. Therefore, we have downgraded our recommendation to Underperform from Neutral.
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