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Upgrade Alert for Arrow Electronics (ARW)

By James Quinn

Arrow Electronics (NYSE:ARW) was upgraded from Buy to Conviction Buy at Goldman Sachs today. The stock closed yesterday at $59.69 on volume of 671,000 shares, above average daily volume of 574,000.

Arrow Electronics share prices have moved between a 52-week high of $65.52 and a 52-week low of $45.23 and closed yesterday at 32% above that low price at $59.69 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.2%.

Potential upside of 7.0% exists for Arrow Electronics, based on a current level of $59.69 and analysts' average consensus price target of $63.88. The stock should hit resistance at its 50-day moving average (MA) of $62.11, as well as support at its 200-day MA of $56.97.

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.

SmarTrend is monitoring the recent change of momentum in Arrow Electronics. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Arrow Electronics in search of a potential trend change.

Keywords: analyst upgrades/downgrades arrow electronics

Ticker(s): ARW