UPDATE: Brean Capital Reiterates Buy Rating, Lowers PT on ARRIS Group, Inc. as 4Q14 Marks an Inflection Point

In a report published Thursday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on

, but lowered the price target from $36.00 to $34.00. In the report, Brean Capital noted, "Arris put up solid 4Q14 results to cap off a strong 2014, but management pointed to headwinds and uncertainty in 1Q15, and implied these trends could continue into 2Q15, before rebounding in 2H15. We think Arris' 1Q15 guidance and full year commentary, albeit modestly lower than expected, will be enough to backstop the stock at current levels. The stock has traded off into this period of dislocation, but still enjoys goodwill from investors that traded it well prior to this period. We have trimmed our 2015 estimates to be in line with guidance. We now look for total revenue of $5.44 billion and non-GAAP EPS of $2.70, down from our prior estimate of $5.6 billion and $2.90. However, we believe management's outlook is conservative in the most probable scenarios, and as a result we expect ARRS will outperform in 2015 on the back of multiple expansion and upward revision of estimates. We are trimming our target price on ARRS to $34 from $36, but we reiterate our Buy rating." ARRIS Group, Inc. closed on Wednesday at $27.81.