UBS Raises Price Target on Arista Networks (ANET) to $99 Following CBP Approval

November 22, 2016 8:16 AM EST
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Price: $89.72 +1.14%

Rating Summary:
    21 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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UBS reiterated a Neutral rating on Arista Networks (NYSE: ANET), and raised the price target to $99.00 (from $83.00), following the company's announcement that it has received approval from US Customs and Border Patrol (CBP) for workarounds in the 944 case.

Analyst Steven Milunovich commented, "Arista said it received approval from US Customs and Border Patrol (CBP) for workarounds in the 944 case, the first of two cases Cisco filed with the International Trade Commission (ITC). Arista had said it was confident in its workarounds to the three infringing patents. The lawsuits don't seem to have affected Arista's sales trajectory, with the company consistently beating and raising in recent quarters. We see the workaround approval as a strong positive, but the Cisco lawsuits are not over. Cisco has filed an enforcement action complaint, which means Arista needs these 944 workarounds approved by the ITC as well. In addition, there is a separate ITC case going on in parallel and three district court cases."

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 $94.48 yesterday.

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