Citi ups Arista Networks target, adds to U.S. Focus List

Citi raised the firm’s price target on Arista Networks to $300 from $220 and keeps a Buy rating on the shares. The analyst also added the shares to the firm’s U.S. Focus List. The firm maintains Arista as its top networking equipment pick into 2024 citing sustainable growth in enterprise led by share gains and growing artificial intelligence opportunity in the cloud from ethernet adoption. Further, recent supply chain discussions point to a recovery in non-AI hyperscale capex starting in Q2 of 2024, which should lift Arista’s 400G business, the analyst tells investors in a research note.