Brean Murray Carret Raises PT on Arrow Electronics to $48 (ARW)

Brean Murray Carret is out with its report on Arrow Electronics ARW, raising its price target from $40 to $48. In a note to clients, BMC writes, "Dec Q revenue of $5.24 billion was essentially in line with our estimate of $5.21 billion and the Street at $5.20 billion. EPS of $1.29 came in above our estimate of $1.27 and the Street consensus of $1.28. Upside was driven by stronger-than-expected gross margin. Mar Q EPS guidance of $1.06-1.16 was above the Street consensus of $1.09 at the mid-point. We are raising our CY11 to $4.82 from $4.30 and layering in $700 million revenue and $0.25 EPS contribution from the recent acquisitions. In addition, we could see $0.10-$0.20 incremental EPS to our 2011 estimate from the RF acquisition. We are raising our target price to $48 from $40." BMC has a Buy rating on ARW. At the time of posting, shares of ARW were trading at $41.05, up 0.64% from Wednesday's close.