UPDATE: Citi Raises Arris Group's PT

According to a research report published this morning, Citi has increased Arris Group's

PT from $12.50 to $13.50. In the report, Citi commented, "Wednesday evening Arris reported 2Q results with sales of $302.9m above consensus expectations of $296.3m and towards the high end of their guidance of $285-305m. Pro forma EPS of $0.19 was better than expected vs. consensus at $0.15, including BBND acquisition impact. 2Q outlook calls for revenues of $330-350mln, with midpoint of $340m (+12.5% q/q, +28% y/y) well above consensus expectations of $312.3M while non GAAP EPS outlook of $0.20-0.24 is also above consensus expectations of $0.20." Citi maintains its Neutral rating on Arris Group, which closed yesterday at $12.90.