Stifel Nicolaus Maintains Buy on Arrow Electronics

Stifel Nicolaus is out with its report today on Arrow Electronics ARW, maintaining Buy. In a note to clients, Stifel Nicolaus writes, "We believe shares, which are down 23% from the recent highs (vs. 9% for the Nasdaq), have already priced in a 'pause,' and still don't give Arrow enough credit for solid cash-flow-generation and continued industry consolidation. We maintain our Buy rating and our 12 month price target of $53, which is based on 10x our CY11 EPS estimate of $5.31." Shares of ARW closed Friday at $36.80, down 1.10% from Thursday's close.