Arrow Electronics shares are trading at $39.63 this morning, only 20 cents off the stock’s 52-week high.
The high cost of shares, however, isn’t scaring away Joe Battipaglia, chief investment officer of Ryan, Beck & Co., who tells Forbes that Arrow shares are going to climb past that mark.
Here’s what Battipaglia had to say:
It’s a components manufacturer whose products are distributed by original equipment manufacturers [OEMS] and others We think the stock, which is in the high $30s, goes to the mid-$40s. It trades at eight times those EBITA earning.
UPDATE: Battipaglia is the man. Since I started to write this post 2 minutes ago, Arrow shares rose to a new 52-week high of $39.94. Oh, make that $39.85. Get in before it’s too late.
