UPDATE: Jefferies Upgrades Arris Group to Buy Post Channel Checks

Jefferies upgraded its Arris Group ARRS rating from Hold to Buy and increased its price target from $13 to $16. Jefferies said, "We're upgrading ARRIS shares from Hold to Buy given our checks suggesting: 1) strength in shipments of Wi-Fi-enabled CPE is likely to continue; 2) ARRIS' ability to win Tier 1 STB deals for their Moxi gateway is increasing; and 3) nearterm pricing risk on the CMTS business is likely less than we previously expected." Arris Group closed at $12.87 on Friday.