Arista Networks price target raised to $89 from $76 at Piper Sandler

Piper Sandler raised the firm’s price target on Arista Networks (ANET) to $89 from $76 and keeps a Neutral rating on the shares. The firm viewed this print as having a favorable setup last month given its inputs and the expectations then, but following a 33% rise since that factored in the realized upside, only a reiteration of annual and AI guides, pull-in and tariff concerns, and leadership carousel, shares are pointed lower after hours. This was not going to be a thesis changing quarter, as this management team tends to be conservative that made FY25 reiteration most likely, and the bear-narrative wouldn’t be resolved. However, it appears Arista is defending its leaf/spine positioning with major customers, while gaining share with enterprises, and guide looks de-risked, Piper adds.