UPDATE: Stifel Nicolaus Lowers PT to $45 on Arrow Electronics on Commodity Pricing Cocerns

Stifel Nicolaus maintained its Buy rating on on Arrow Electronics

but lowered its price target from $48 to $45. Stifel Nicolaus noted, "Management lowered the bar on expectations for both the computing and component segments, suggesting that we are stuck in a "low or no growth" environment for at least the next couple of quarters, though it did guide to seasonality for the most part. GM erosion, due to mix (strong q/q component growth in Asia vs. weakness in Europe) was not a surprise, but commentary on pricing pressure on commodity parts was somewhat concerning." Arrow Electronics closed at $34.44 on Monday.