Downgrade Alert for Arrow Electronics (ARW)
Arrow Electronics (NYSE:ARW) was downgraded from Buy to Neutral at Longbow today. The stock closed yesterday at $61.61 on volume of 298,000 shares, below average daily volume of 537,000.
Over the past year, Arrow Electronics has traded in a range of $45.47 to $63.78 and closed yesterday at $61.61, 35% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.1%.
Arrow Electronics, Inc. distributes electronic components and computer products to industrial and commercial customers. The Company distributes a variety of products including computer systems, peripherals, software, and mass storage products to original equipment manufacturers and commercial customers worldwide.
Potential upside of 4.8% exists for Arrow Electronics, based on a current level of $61.61 and analysts' average consensus price target of $64.56. The stock should discover initial support at its 50-day moving average (MA) of $58.66 and subsequent support at its 200-day MA of $58.28.
SmarTrend recommended that subscribers consider buying shares of Arrow Electronics on February 11th, 2015 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $59.70. Since that recommendation, shares of Arrow Electronics have risen 3.2%. We continue to monitor ARW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades arrow electronics