Deutsche Bank reiterates its Buy rating on Arrow Electronics ARW and raises its price target to $49, up $8, on higher valuation as the company sees EPS upside from Thailand floods.
Deutsche Bank says, "ARW posted in-line F4Q revenue of $5.44B and better-than-expected EPS of $1.38 ($0.05 EPS benefit from Thailand flooding), vs. consensus at $5.43B/$1.30. Components sales
were at the high end, ECS sales were at the low end of guidance. Inventory fell 10% Q/Q and OpMgns improved 30bps Q/Q to 4.5%. With visibility still limited, ARW guided F1Q-12 revenue to $4.67-$5.07B and EPS to $1.01-$1.13, in line with consensus at $4.89B/$1.07. We have tweaked our ests and raised our PT to $49 from $41, on a higher multiple (9x)."
ARW closed at $42.63 a share yesterday.
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