UPDATE: Brean Murray Carret Reduces PT to $45 on Arrow Electronics; Soft Print and Guidance

Brean Murray Carret lowers its price target from $48 to $45 on Buy-rated Arrow Electronics

as the company's March quarter results and guidance came in softer than anticipated. Brean Murray Carret notes, "Softer Mar Q EPS and Jun Q guide although revenue for each were in‐line – softer than expected operating margins seem mostly due to mix with stronger performance in the Enterprise Computing Solutions (ECS) business. However, with overall revenue in‐line, the higher margin Electronic Components (EC) business was actually light vs. our revenue, so we'd argue top‐line was “de facto” a bit light as well. Overall, Mar Q revs were $4.9B and in‐line Jun Q revenue guidance was $5.04B  ‐ $5.44B. But EPS was light ($1.05 vs. Street of $1.08) and Jun Q EPS guide is light ($1.08 ‐ $1.20 vs. Street of $1.23)." ARW closed at $38.37 on Tuesday.