ARRIS Group (ARRS): Raising PT On Reduced Risk Of STB Proposal - Needham
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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.
Shares of ARRIS Group closed at $29.17 yesterday.
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