Argus Starts Arista Networks (ANET) at Buy
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Argus initiates coverage on Arista Networks (NYSE: ANET) with a Buy rating and a price target of $107.00.
The analyst notes Arista continues to benefit from the multiyear shift to cloud networking from legacy IT silos. However, it also faces intense competition, and was recently found to have infringed on Ethernet switch patents held by Cisco.
The firm said shares appear favorably valued at a PEG ratio of 1.2, well below the average of 2.2 for peer communications equipment companies.
Shares of Arista Networks closed at $84.03 yesterday.
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