UPDATE: Brean Murray Lowers PT on Arrow Electronics from $45 to $41

Brean Murray reiterated a Buy rating on Arrow Electronics (NYSE: ARW) and lowered its price target from $45 to $41.

Brean Murray wrote, “ARW reported in-line revenues with a slight miss vs. Street on EPS, as macro weakness and margin pressure continued to weigh on results. The Enterprise Computing Solutions (ECS) revenue came in slightly above our estimates, while the Electronic Components (EC) segment was a bit lighter than our revenue. Overall, Jun Q revs were $5.15B vs. Street of $5.17B, while EPS came in at $1.11 (ex-items) vs. Street of $1.13 (ex-items). ARW also guided Q3 Revenue in line with Street ($4.8B - $5.2B), however the EPS outlook is lighter ($1.00 - $1.12 vs. Street of $1.13).”

Arrow Electronics closed at $34.44 on Monday.