Goldman Sachs raised the firm’s price target on Arista Networks (ANET) to $356 from $313 and keeps a Buy rating on the shares. The firm says it is increasingly confident on the stock due to the growing capex in 2024/25 from Arista Cloud Titan customers Meta (META), Microsoft (MSFT), and Oracle (ORCL), which should support its 2024 revenue guidance if Arista’s revenue from Meta & Microsoft as a percent of capex is consistent. Goldman Sachs further cites Arista’s participation in Meta’s large-scale AI Research SuperCluster and the growing application of Ethernet in AI networking and new data on AI Ethernet performance from Broadcom’s AI Infrastructure Investment Meeting.
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