Arista Networks (ANET) PT Raised to $95 at RBC Capital; Import Ban Lift Removes Bear Thesis, Bolsters Margins
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RBC Capital analyst Mitch Steves raised his price target on Sector Perform-rated Arista Networks (NYSE: ANET) to $95.00 (from $85.00) after the company announced this morning that it has received customs approval to begin importing goods related to the Cisco litigation.
"We view this as a net positive given that the ban has acted as a gross margin headwind," the analyst said.
"Importantly, this lifts a bear thesis from the stock with regard to structural gross margin declines as the customs approval should allow for margins to creep back up to 64%+," the analyst added.
Shares of Arista Networks closed at $87.98 yesterday.
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