Jefferies reiterated an Underperform rating on Arista Networks (NYSE: ANET), and raised the price target to $50.00 (from $40.25), following the company's 3Q earnings report. September sales of $290.3 million beat the Street's $283 million estimate. Non-GAAP EPS totaled $0.83 versus Street numbers looking for $0.73.

Analyst George Notter commented, "The Q3 and Q4 guidance looked strong in our view – despite the company’s issues with component shortages. While we like the business and certainly expect them to grow, we continue to believe that the risk/reward for the stock leans to the negative side."

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Shares of Arista Networks closed at $82.08 yesterday.