Arista Networks (ANET): Notes From The RBC Bus Tour
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RBC Capital Markets analyst, Mitch Steves, reiterated his Sector Perform rating on shares of Arista Networks (NYSE: ANET) and raised the price target to $80 from $70 after hosting an investor meeting with Arista's Mark Foss (SVP Global Operations & Marketing) and Chuck Elliott (Investor Relations).
Conversations focused on the new routing opportunity and market share gains. Key highlights included: 1) the routing opportunity is entirely new as the Company is collapsing optical and legacy core routing reducing costs by ~1/10, 2) cloud vision allows for streaming data vs. snapshots allowing root problems to be found quickly, 3) litigation dynamics are unchanged as we wait for data points from Customs to size the gross margin impact and 4) the Company remains focused on gaining ~2-3 points of port share per year (in 10/40/100GbE) vs. its current market share of ~12% today.
Shares of Arista Networks closed at $79.69 yesterday.
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