UBS Raises Price Target on Arista Networks (ANET) to $99 Following CBP Approval
- Wall Street again marks new highs in post-election run
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- After-Hours Stock Movers 12/08: (FNSR) (AVGO) (GLPG) Higher; (XTLY) (RH) (DLTH) Lower (more...)
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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."
Shares of Arista Networks closed at $94.48 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- Mizuho Securities Upgrades Tailored Brands (TLRD) to Buy
- Guggenheim Reiterates Buy on United Natural Foods (UNFI) Following 1Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!