ARRIS Group (ARRS) FCC Set-Top-Box Delay a Slight Positive, Stifel Says
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Stifel analyst Mitch Steves weighed in on ARRIS Group (NASDAQ: ARRS) after the FCC removed the Set-Top-Box proposal from today's agenda, which they view as a slight positive.
Steves commented, "The FCC removed the set-top-box app based proposal today, delaying the discussion for a later date (undetermined for now). At this point we think this should act as a slight positive given that delays likely elongate the long-term impact of any increased regulation. Specifically, the original proposal suggested a 2-year time frame to create new Apps to be added to other devices including Apple TV and Roku boxes (once FCC approved, now decision delayed). Net Net: while we continue to prefer shares of Arris outside of the set-top-box business, the delay (elongated FCC process) should help the stock near-term."
The firm maintained a Buy rating and price target of $33 on ARRS.
Shares of ARRIS Group closed at $28.32 yesterday.
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