UPDATE: Oppenheimer Upgrades Arista Networks (ANET) to Outperform

(Updated - January 4, 2016 8:40 AM EST)

Oppenheimer upgraded Arista Networks (NYSE: ANET) from Perform to Outperform with a price target of $90.00.

Analyst Ittai Kidron commented: "We're upgrading Arista to Outperform from Perform and setting a $90 price target. We've had a positive view on Arista's outlook and execution for some time, yet the potential for an adverse outcome in its IP litigation with Cisco has kept us cautious. Following detailed work and discussion with experts, we're convinced that, while Cisco will likely win in some of its patent claims, it will not disrupt Arista's business. We view related share pullbacks as a buying opportunity. Fundamentally, we view cloud as an opportunity rather than a risk and see TAM expansion into routing with Jericho. Given Arista's solid execution, we're confident in its ability to capitalize on the upcoming opportunities and to successfully navigate through the legal minefield ahead. Our Street-high estimates remain unchanged."

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 $77.84 yesterday.

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