Citi raised the firm’s price target on Arista Networks (ANET) to $112 from $97 and keeps a Buy rating on the shares. The company, which expects the company to double its share in the Ethernet AI back end in FY25 and anticipates upward revisions to FY25 and FY26 estimates, believes the company is on track to achieve its $750M AI back-end target for FY25, which would reflect nearly 20% share. The firm’s estimates are unchanged, but it raised its multiple given Arista’s rising AI market share and higher market multiples, the analyst noted.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ANET:
- Arista Networks price target lowered to $119 from $126 at Barclays
- Arista Networks’ Earnings Call: Record Revenue and Strategic Growth
- “30%-Plus Upside” Potential on the Table for Arista Networks Stock (NYSE:ANET)
- Morning Movers: Disney jumps after first quarter earnings, Abu Dhabi resort plan
- Arista Networks price target raised to $97 from $92 at Citi