UPDATE: Jefferies Downgrades ARRIS Group to Hold Following Motorola Deal Announcement
Jefferies reduced its rating on ARRIS Group (NASDAQ: ARRS) from Buy to Hold and lowered its price target from $17 to $14.
Jefferies commented, "Last night after the close, Arris announced the acquisition of Google's Motorola Home business. While there may be some merit to the transaction, the potential merger renders the key aspects of our constructive thesis around Arris largely irrelevant. As such, we're downgrading Arris shares to Hold. We use the combined entities' model to achieve our price targets, but show the previous and pro forma models within the note."
ARRIS Group closed at $14.54 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.