Jefferies Raises Price target on Arista Networks (ANET) Following Strong 3Q

Jefferies reiterated an Underperform rating on Arista Networks (NYSE: ANET), and raised the price target to $50.00 (from $40.25), following the company's 3Q earnings report. September sales of $290.3 million beat the Street's $283 million estimate. Non-GAAP EPS totaled $0.83 versus Street numbers looking for $0.73.

Analyst George Notter commented, "The Q3 and Q4 guidance looked strong in our view – despite the company’s issues with component shortages. While we like the business and certainly expect them to grow, we continue to believe that the risk/reward for the stock leans to the negative side."

For an analyst ratings summary and ratings history on Arista Networks click here. For more ratings news on Arista Networks click here.

Shares of Arista Networks closed at $82.08 yesterday.

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