Arista Networks price target raised to $340 from $320 at Evercore ISI

Evercore ISI analyst Amit Daryanani raised the firm’s price target on Arista Networks to $340 from $320 and keeps an Outperform rating on the shares after hosting meetings with management. Arista continues to sound incrementally more bullish on both its near- and long-term outlook, specifically on its ability to not only sustain double digit growth but also having multiple ways to achieve its guidance, the analyst tells investors in a research note. The firm says Arista has multiple growth vectors including artificial intelligence, front end cloud, campus, and enterprise share gains that should enable a mid- to high-teens revenue growth annually over the long-term. Evercore came away from the meetings more bullish on Arista’s growth outlook across all markets.