Citi attributes the post-earnings selloff in shares of Arista Networks to investor expectations of the company lifting its 2024 outlook. However, the firm views the guidance as conservative, “providing a cushion” for the incoming CFO and prudent as Ethernet artificial intelligence adoption remains in early innings. The firm expects Arista to raise the 2024 outlook by mid-year. Citi keeps a Buy rating on the shares with a $300 price target.
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