Arista Networks (ANET) PT Raised to $302 at Piper Sandler

Piper Sandler analyst James Fish raised the price target on Arista Networks (NYSE: ANET) to $302.00 (from $268.00) while maintaining a Neutral rating.

The analyst commented, "Shares are up >5% AH as Arista checked a lot of positive boxes, including product upside, CEO Ullal committed to Arista for multiple more years following multiple management team-members' departures, enterprise & cloud strength, 2024 guide raise that increases 2H estimates, material operational upside, AI trials moving to pilots, and increasing visibility with customers, including Arista's largest. The debate will continue around Infiniband vs. Ethernet, but Arista's demand is showing Ethernet demand is starting to pickup for AI use-cases. Incrementally, we were surprised management is seeing continued Enterprise strength, especially as other networking players and our own checks were pointing to tightening hardware budgets. While we remain fans of Arista long-term and are increasing our estimates and PT, we are reiterating our Neutral-rating as we await a better entry point given valuation is at a historical peak."

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