UPDATE: Brean Capital Reiterates On ARRIS Group Following 1Q14 Review
In a report published Wednesday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on ARRIS Group (NASDAQ: ARRS), and raised the price target from $32.00 to $33.00.
In the report, Brean Capital noted, “We believe Arris is well positioned to benefit from current spending trends. Yesterday, Arris reported 1Q14 results, heartily beating its top-line guidance and coming in at the high end of its range for non-GAAP EPS. More impressively, the company issued 2Q14 guidance that was well ahead of expectations and implies a strong uptick sequentially, accompanied by commentary that 3Q14 is shaping up to be similar to 2Q14. We believe this reflects both a strong demand environment and the company's leading position in a couple of key product lines where demand is the strongest, and we have increased our outlook for both revenue and non-GAAP EPS for the year. As a result, we are raising our target price for ARRS, to $33 from $32, and reiterate our Buy rating.”
ARRIS Group closed on Tuesday at $25.72.
Latest Ratings for ARRS
|Sep 2016||Morgan Stanley||Initiates Coverage on||Overweight|
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