Bank of America Reiterates Buy on Arrow Electronics

Bank of America reiterated its Buy rating on Arrow Electronics ARW after attending the company's analyst day. In a research report published today, Bank of America states, "The company maintained its operating margin targets and also provided new C2013 financial targets - revenue of $26+ billion (our estimate is $23.8 billion) and EPS of $6.00-7.00 (ours is $6.34). We believe the revenue target is very aggressive, while EPS guidance implies very conservative margin assumptions. We remain comfortable with our revenue and EPS estimates, especially given op. leverage. Maintain Buy." At the moment, Bank of America has a price target of $50 on Arrow. On Wednesday, Arrow added 0.85% to its value to close the day at $42.92.