ARRIS Group (ARRS): Warrant Agreement With Charter Drives PT Increase - RBC
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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.
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