Jefferies upgraded Arista Networks (ANET) to Buy from Hold with a price target of $320, up from $240. The analyst says cloud capex strength is “extraordinary right now” and Arista will be a prime artificial intelligence beneficiary as better versions of Ethernet increasingly go into back-end data center networks. These factors “swamp our prior concerns about customer concentration and lumpiness,” the analyst tells investors in a research note. Jefferies also thinks the recent concerns about Nvidia (NVDA) as an Ethernet switch competitor are overblown.
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