Arista Networks price target raised to $166 from $162 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Arista Networks to $166 from $162 and keeps an Overweight rating on the shares. The company reported a "good print" in what felt like a "no-win" type of quarter given the heightened expectations, macro environment’s impact to demand, accelerating backlog flushes in the space, and management’s history of leaving annual guidance relatively unchanged in Q1, the analyst tells investors in a research note. Piper views Arista as the "best house in a concerning neighborhood," saying the peak of the networking cycle is well behind us, and backlogs are flushing faster than most anticipate.