Needham & Company Reiterates Buy as ARRIS Group (ARRS) Announces New CEO
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Needham & Company reiterated a Buy rating and $32.00 price target on ARRIS Group (NASDAQ: ARRS) following the company's announcement that Bruce McClelland, currently President of the company's Network & Cloud segment, will become CEO. The move will become effective on September 1st, as current CEO Bob Stanzione will remain with ARRIS as Chairman of the Board.
Analyst Richard Valera commented, "Last night, ARRS announced that effective September 1, Bruce McClelland, a 16-year ARRIS veteran and currently President of the company's Network & Cloud segment, will become CEO. Current CEO Bob Stanzione, 68 years old, will remain with ARRIS in a full-time capacity as Chairman of the Board. We expect the transition is likely to be relatively seamless, given the long tenure of Mr. McClelland and the continued involvement of Mr. Stanzione. We maintain our Buy rating and $32 price target, equivalent to ~11x our 2017 NG EPS estimate."
Shares of ARRIS Group closed at $26.99 yesterday.
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