ARRIS Group (ARRS): FCC Proposal Passing Will Be A Negative Catalyst - Needham
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Needham & Company analyst, Richard Valera, reiterated his Buy rating on shares of ARRIS Group (NASDAQ: ARRS) after FCC Chairman Tom Wheeler presented a revamped version of his proposal seeking to "open up" the video set top market to new competition. The new "App-based" proposal involves forcing operators to enable hardware-independent linear video service by offering an App that provides access to the operators' video stream. Assuming this proposal is passed on its Sept. 29 vote, the analyst would only spin it as \a win for consumers and negative for providers of traditional video STBs like ARRS.
That said, given the 2-year implementation timeline, numerous technical and potential legal obstacles that would remain to implement it, the poor track record of prior such initiatives and, finally, the still modest modest valuation of ARRS he maintains his Buy rating.
price target of $32.00
Shares of ARRIS Group closed at $26.73 yesterday.
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