ARRIS Group (ARRS): Warrant Agreement With Charter Drives PT Increase - RBC
- Wall Street falls as post-election winners lag
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama commutes sentence of intelligence analyst Chelsea Manning
- Big 5 Sporting Goods (BGFV) Q4 Comps Rise 3.1%; Guides Q4 Above the Street
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
RBC Capital analyst, Mitch Steves, reiterated his Outperform rating on shares of ARRIS Group (NASDAQ: ARRS) and raised his price target to $35 from $33 after the company announced an agreement allowing Charter Communications to purchase up to 6M shares of Arris before 2018 if specific sales targets are hit.
The analyst thinks this announcement alleviates concerns over a slowdown in spending at Charter which is likely Arris' second largest customer. Also, the analyst believes that the strike price ($28.54) being above Arris's share price, suggests that the Company believes its stock is undervalued.
Shares of ARRIS Group closed at $27.77 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
- Wedbush Raises Price Target on Trex (TREX) to $58; Reiterates Neutral
- Ionis Pharma (IONS): Cutting PT But Improving Fundamentals - BMO
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesRBC Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!