Needham analyst Alex Henderson raised the firm’s price target on Arista Networks to $165 from $155 and keeps a Buy rating on the shares after its Q4 earnings beat and better than expected guidance. The company is showing that strong demand is trumping spending cuts, though Arista also expects to remain moderately supply constrained through most of 2023 and possibly even in the first half of 2024, the analyst tells investors in a research note. The firm adds that Arista is demonstrating that AI is a "major use case that requires major investments", while its share gains in Enterprise should also be a significant driver.
Published first on TheFly
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