Nomura/Instinet analyst Jeffrey Kvaal lowered the price target on Arista Networks (NYSE: ANET) to $190.00 (from $230.00) after the company followed in-line 3Q results with 4Q guidance 20% below consensus as a second key webscale account (likely Facebook) slowed spending through much of 2020.

The analyst reiterated the Neutral rating.stating "A second (non-Microsoft) cloud titan, which we believe to be 10% customer Facebook, is slowing spending. Arista believes a delayed server refresh has limited Facebook’s desire to refresh its networking kit until at least 4Q20. Facebook is also reducing its ordering lead times. Arista is confident it is not losing share. Other cloud titans seem flattish to up in 2020; Arista termed Microsoft spending normal".