Collins Stewart Upgrades ARRIS Group (ARRS) to Buy; Moxi Disappoints, but Growth Returns

Collins Stewart upgraded ARRIS Group (NASDAQ: ARRS) to Buy, price target raised from $11 to $15.

Collins analyst says, "Despite inline results/guidance and disappointing results from Moxi (Gateway STBs), we are upgrading the stock. While Moxi revs fell short of $25M in Q4’11, ARRS reaffirmed expectations for at least $100M in Moxi revs in 2012 and sees at least 10%+ growth. As this also assumes minimal growth from other segments such as CMTS, we see room for further upside. We remain convicted that ARRS stands to benefit meaningfully from Gateway STB shipments in 2012."

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 $12.33 yesterday, with a 52 week range of $9.60-$14.49.

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