UPDATE: Miller Tabak Downgrades Arrow Electronics to Neutral on Slower Demand

Miller Tabak reduced its rating on Arrow Electronics

from Buy to Neutral. Miller Tabak noted, "We adjust our September quarter estimates slightly for lower sell though at the component and ECS level. Investors are unlikely to turn bullish on the shares until the component segment turns around and some clarity on IT demand emerges. With the prospect of slower demand in components impacting the second half of the year and 2013 we do not see much upside to the shares from current levels. A slower IT demand environment is also likely to weigh on ECS demand trends." Arrow Electronics closed at $37.03 on Monday.