Pivotal Research Thinks Arrow Electronics’ Stock is Going to Recover

Pivotal Research analyst Louis Miscioscia maintained a Buy rating on Arrow Electronics (NYSE: ARW) today and set a price target of $98. The company’s shares opened today at $73.34, close to its 52-week low of $72.31.

Miscioscia observed:

“We move our full year 2018 EPS estimates to $8.65, vs prior $8.49, but keep our revenue estimate at $29b. Our PT remains $98, or ~11x our 2019 EPS of $9.10 for ~30% appreciation potential. Our Buy rating is based on continued strong organic demand and ongoing share gain in both the component and IT system distribution operations.”

Miscioscia has an average return of 3.9% when recommending Arrow Electronics.

According to TipRanks.com, Miscioscia is ranked #3914 out of 4773 analysts.

Currently, the analyst consensus on Arrow Electronics is Strong Buy and the average price target is $92, representing a 25.4% upside.

In a report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $85 price target.

See today’s analyst top recommended stocks >>

Based on Arrow Electronics’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $7.63 billion and quarterly net profit of $53.89 million. In comparison, last year the company earned revenue of $5.76 billion and had a net profit of $114 million.

Based on the recent corporate insider activity of 94 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ARW in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Arrow Electronics, Inc. is a provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions . It operates through two segments: Global Components Business and Global Enterprise Computing Solutions.