ARRIS Group Lowered to Neutral at Zacks (ARRS)
ARRIS Group (NASDAQ:ARRS) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued on Wednesday, Analyst RN reports. They currently have a $18.00 price objective on the stock. Zacks‘ price objective points to a potential upside of 6.57% from the company’s current price.
Zacks‘ analyst wrote, “We downgrade our recommendation on Arris to Neutral based on its high level of current valuation. The stock price has soared more than 36% in the last year and currently provides limited opportunity for above market gain. Meanwhile, Arris continues to perform well as the demand for newly-launched products of the company is expected to rise from the second half of 2013. In our view, home gateways, Wi-Fi enabled modems, edged routers 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. We also believe that the recent 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. “
ARRIS Group (NASDAQ:ARRS) traded down 0.59% during mid-day trading on Wednesday, hitting $16.79. The stock had a trading volume of 694,584 shares. ARRIS Group has a one year low of $12.40 and a one year high of $17.98. The stock has a 50-day moving average of $16.42 and a 200-day moving average of $15.94. The company’s market cap is $2.320 billion.
ARRIS Group (NASDAQ:ARRS) last announced its earnings results on Wednesday, August 7th. The company reported $0.46 EPS for the quarter, beating the Thomson Reuters 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 in the previous year, the company posted $0.25 earnings per share. The company’s revenue for the quarter was up 186.4% on a year-over-year basis. Analysts expect that ARRIS Group will post $1.50 EPS for the current fiscal year.
ARRS has been the subject of a number of other recent research reports. Analysts at Barclays Capital initiated coverage on shares of ARRIS Group in a research note to investors on Wednesday, September 11th. 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 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 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $18.00.
ARRIS Group, Inc (NASDAQ:ARRS) is a global communications technology company.
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