Arista Networks price target raised to $188 from $181 at Loop Capital

Loop Capital analyst Fahad Najam raised the firm’s price target on Arista Networks to $188 from $181 and keeps a Buy rating on the shares. The company’s Q4 results marked "phenomenal" broad-based growth and its long-term outlook is likely conservative with a number of growth drivers just beginning to fire, the analyst tells investors in a research note. The firm is updating its valuation framework to value Arista based on a 8-times enterprise value to expected sales multiple, which is in-line with other similar high-growth companies. Loop further notes that it continues to see compelling risk-reward in the stock, reiterating that Arista is its second-top Pick for 2023 in the group.