Zacks Upgrades ARRIS Group to “Outperform” (ARRS)
ARRIS Group (NASDAQ:ARRS) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued to investors on Friday, Analyst Ratings Network reports. The firm currently has a $19.00 price objective on the stock. Zacks‘ target price would suggest a potential upside of 17.79% from the company’s current price.
Zacks‘ analyst wrote, “We upgrade our recommendation on Arris Enterprises to Outperform. The company reported excellent financial results for the second quarter of 2013. Both the top and the bottom lines easily outpaced the Zacks Consensus Estimate. The demand for newly-launched products of Arris is expected to rise from the second half of 2013. We believe that home gateway, Wi-Fi enabled modem, edged router and multi-screen software will be the primary growth drivers. The recent acquisition of the cable set-top box businesses of Motorola Mobility has transformed the company into an integrated equipment supplier in the high-speed video and Internet delivery market. Arris is expected to benefit immensely from this acquisition. We believe that the ongoing consolidation trend of the broader telecommunications industry will be beneficial to Arris as large operators are expected to invest more in high-speed video and Internet delivery. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Barclays Capital initiated coverage on shares of ARRIS Group (NASDAQ:ARRS) in a research note to investors on Wednesday. They set an “overweight” rating and a $20.00 price target on the stock. Separately, analysts at Stephens initiated coverage on shares of ARRIS Group (NASDAQ:ARRS) in a research note to investors on Tuesday, August 20th. They set an “equal weight” rating on the stock. Finally, analysts at Citigroup Inc. raised their price target on shares of ARRIS Group (NASDAQ:ARRS) from $17.50 to $18.00 in a research note to investors on Tuesday, August 13th. They now have a “neutral” rating on the stock.
Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $18.14.
ARRIS Group (NASDAQ:ARRS) traded up 2.17% during mid-day trading on Friday, hitting $16.48. The stock had a trading volume of 1,039,210 shares. ARRIS Group has a 52-week low of $12.40 and a 52-week high of $17.98. The stock’s 50-day moving average is $15.95 and its 200-day moving average is $16.03. The company’s market cap is $2.277 billion.
ARRIS Group (NASDAQ:ARRS) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.20. The company had revenue of $1,000.00 million for the quarter, compared to the consensus estimate of $975.57 million. During the same quarter last year, the company posted $0.25 earnings per share. ARRIS Group’s revenue was up 186.4% compared to the same quarter last year. Analysts expect that ARRIS Group will post $1.50 EPS for the current fiscal year.
ARRIS Group, Inc (NASDAQ:ARRS) is a global communications technology company.
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