diff --git a/php-mode.el b/php-mode.el
index faf2ec5b..4c22632a 100644
--- a/php-mode.el
+++ b/php-mode.el
@@ -1657,7 +1657,7 @@ a completion list."
      (")\\s-*:\\s-*\\??\\(\\(?:\\sw\\|\\s_\\)+\\)\\s-*\\(?:\{\\|;\\)" 1 font-lock-type-face)
 
      ;; Assignment operators (=, +=, ...)
-     ("\\([^=<!>]+?\\([\-+./%]?=\\)[^=<!>]+?\\)" 2 'php-assignment-op)
+     ("\\([^=<!>]+?\\([\-+./%]?=\\)[^=<!]+?\\)" 2 'php-assignment-op)
 
      ;; Comparison operators (==, ===, >=, ...)
      ("\\([!=]=\\{1,2\\}[>]?\\|[<>]=?\\)" 1 'php-comparison-op)
diff --git a/tests/7.4/arrow-function.php.faces b/tests/7.4/arrow-function.php.faces
index 98e9a62c..acfcbc5d 100644
--- a/tests/7.4/arrow-function.php.faces
+++ b/tests/7.4/arrow-function.php.faces
@@ -18,7 +18,8 @@
  ("(")
  ("$" . php-variable-sigil)
  ("x" . php-variable-name)
- (") =")
+ (") ")
+ ("=" . php-assignment-op)
  (">" . php-comparison-op)
  (" ")
  ("$" . php-variable-sigil)
@@ -38,7 +39,8 @@
  ("(")
  ("$" . php-variable-sigil)
  ("x" . php-variable-name)
- (") =")
+ (") ")
+ ("=" . php-assignment-op)
  (">" . php-comparison-op)
  (" ")
  ("$" . php-variable-sigil)
@@ -63,14 +65,16 @@
  ("(")
  ("$" . php-variable-sigil)
  ("x" . php-variable-name)
- (") =")
+ (") ")
+ ("=" . php-assignment-op)
  (">" . php-comparison-op)
  (" ")
  ("fn" . php-keyword)
  ("(")
  ("$" . php-variable-sigil)
  ("y" . php-variable-name)
- (") =")
+ (") ")
+ ("=" . php-assignment-op)
  (">" . php-comparison-op)
  (" ")
  ("$" . php-variable-sigil)