Raymond James analyst Simon Leopold upgraded Arista Networks (NYSE: ANET) from Market Perform to Outperform with a price target of $164.00.

The analyst comments: “We upgrade Arista to Outperform based on our view that sales/growth improves in 2027 and beyond as Arista expands into new applications like scale-across and gains share in the AI backend and campus. In addition, we see thematic AI growth vectors emerging that play to Arista’s strengths: inference and reasoning workloads, MoE/expert-parallel models, and larger, more distributed AI clusters are increasing the volume, burstiness, and unpredictability of east west traffic. This raises the value of network intelligence from Arista, including RDMA-aware load balancing, congestion management, high-frequency telemetry, and job-level observability. We have set a target of $164.”

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Shares of Arista Networks closed at $147.81 yesterday.