Arista Networks (ANET) PT Raised to $97 at Citi

Citi analyst Atif Malik raised the price target on Arista Networks (NYSE: ANET) to $97.00 (from $92.00) while maintaining a Buy rating.

The analyst comments "ANET stock was -4% after hours after beat/raise results and maintaining FY25 guide in a tough macro environment on continued strength in both enterprise and cloud. ANET stock multiple has compressed +50% this year over concerns on a) hyperscale capex spend slow down, and b) white box competition investor concerns (see our preview). With Citi maintaining its constructive data center spend outlook of 35%+/15%+ in 2025/26 post Big 4 hyperscale reports last week (see note), Arista management saying 2026 looks good (+ likely to hit $10B revenue goal sooner), and stock multiple finding support ~30x P/E, we believe investors concerns are largely priced-in. We think the stock offers investors offense in 2H25 with no major AI restrictions impact + no China exposure vs the AI compute semis. We increase our FY25/26/27 EPS 4%/7%/6% and lift TP to $97 on consistent 32x P/E times revised CY26 EPS. Maintain Buy."

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