Needham & Company Reiterates Buy on Arista Networks (ANET) Following 4Q Beat
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Needham & Company reiterated a Buy rating and $105.00 price target on Arista Networks (NYSE: ANET) following the company's 4Q earnings report. Revenues came in 2.5% above forecast at $268.7 million compared to the Street estimates of $263 million. EPS of $0.74 beat the Street estimates of $0.68.
Analyst Alex Henderson commented, "Arista delivered its 9th straight beat and raise quarter. Strong growth in cloud even as we go into the 25G/100G architectural change over in cloud is in our view an ongoing testament to the excellent fundamentals of this company. Much discussion around the impact of the US manufacturing needed for the temporary period until the patent work-arounds are approved was a focal point of the call. We think this is reasonably well understood, but there could be further angst into the August preliminary ruling on the second tranche. Regardless we view this as a temporary margin hit that should fall out by the back half of CY17. We reiterate our Buy rating and $105 Target Price."
Shares of Arista Networks closed at $71.99 yesterday.
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