ARRIS Group (ARRS): Raising PT On Reduced Risk Of STB Proposal - Needham

November 21, 2016 6:44 AM EST
Get Alerts ARRS Hot Sheet
Price: $29.75 -2.07%

Rating Summary:
    13 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
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Needham & Company analyst, Richard Valera, reiterated his Buy rating on shares of ARRIS Group (NASDAQ: ARRS) and raised the price target to $35 after hosting the VP of Investor Relations, Bob Puccini, for a series of investor meetings.

The most notable incremental takeaways include the likely end of the FCC app-based STB
proposal and a clearer view of the company's capital allocation strategy, which appears
to have tilted toward M&A. The analyst thinks ARRS is well positioned to take advantage of a multi-year network upgrade cycle by its MSO customers, and we view the likely demise of the FCC proposal as serving to de-risk the long-term outlook of the company's STB business.

The new $35 increase from $32 is based on 11.8x C'17 EPS and reflects reduced risk from the FCC's STB proposal.


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For an analyst ratings summary and ratings history on ARRIS Group click here. For more ratings news on ARRIS Group click here.

Shares of ARRIS Group closed at $29.17 yesterday.



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