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Raymond James Ups Arris Group to Strong Buy

From Standard & Poor's Equity Research

Raymond James upgraded Arris Group (ARRS) to strong buy from underperform, noting inventory concerns, weak price performance, and strong near term business trends.

Analyst Todd Koffman says that after an updated review of the company's quarterly unit shipments vs. its VoIP subscribers, he believes he may have overstated the significance of a few tertiary suppliers. On the subscriber side, he believes his VoIP subscriber estimate may be understated by a few hundred thousand customers. Valuation-wise, he notes the stock has fallen 20% during the last few weeks. He ups his 72 cents earnings per share (EPS) and his $793 million revenue estimates for 2006 to 88 cents and $873 million. He set his $15 stock price target.

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