Don't Sell ARRIS (ARRS) on Apple Rumors, Jefferies Says

February 13, 2014 7:20 AM EST
Get Alerts ARRS Hot Sheet
Price: $29.26 -0.03%

Rating Summary:
    13 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Jefferies analyst James Kisner reiterated a Buy rating and $30 price target on ARRIS Group (NASDAQ: ARRS) amid share pressure on rumors Apple may be working with Time Warner Cable and other potential partners to introduce a new Set Top Box.

"Our constructive thesis is unchanged given: 1) it’s not clear that the product would fully replace a Cable STB; 2) we believe that Comcast is very unlikely to embrace Apple TV in light of their weighty investments in their X1 platform."

Also Comcast's deal to acquire Time Warner Cable is a "very positive event" for ARRS investors given "Arris' tight relationship with Comcast, Arris' relatively underdeveloped market share for Set Top Boxes and Network Infrastructure within TWC, and the potential for Comcast to increase investment in TWC post merger."

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 $25.90 yesterday.

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