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

, 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.