Arista Networks price target raised to $330 from $230 at Rosenblatt

Rosenblatt analyst Mike Genovese raised the firm’s price target on Arista Networks to $330 from $230 and keeps a Buy rating on the shares. Q4 “came in strongly,” though the Q1 guidance was just a little higher than forecasts and the company only reiterated its 2024 revenue outlook, the analyst tells investors. However, Arista has been winning Ethernet cluster designs, deferred product revenues increased significantly quarter-over-quarter, and inventory was up 51% year-over-year, which all suggests the company is “gearing up for more than low double-digit growth in 2024, with acceleration still likely in 2025,” the analyst added.