Today, Goldman Sachs initiated coverage of electronic components distributors Arrow Electronics (NYSE:ARW) and Avnet (NASDAQ:AVT). Analysts at the firm assigned a Buy rating to Arrow Electronics, citing attractive valuation and conservative EPS guidance from the company as possible catalysts for the stock to rise. Avnet was rated Neutral. While Avnet is expected to benefit from the recovery in the electronics distribution sector, Goldman sees greater upside in owning shares of Arrow Electronics.
In afternoon trading, shares of Arrow Electronics were trading higher by almost 1% while shares of Avnet were off by about 1.5%.
Analysts at Thomas Weisel downgraded aesthetic product manufacturers Medicis Pharmaceuticals (NASDAQ:MRX) and Obagi Medical Products (OMPI) today because of the downturn in consumer spending. The firm cut both ratings from Overweight to Market Weight as a result.
In afternoon trading, shares of Medicis were trading down over 1% on the downgrade, while Obagi Medical shares were virtually unchanged on the news.
SunTrust Bank was upgraded by Morgan Keagan, to Outperform from Marketperform. And, the bank is speeding up previously announced plans to issue $1.4 billion of common stock. It has received $4.9 billion in TARP funds.
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