In a report released yesterday, Ittai Kidron from Oppenheimer maintained a Buy rating on Arista Networks (ANET), with a price target of $300. The company’s shares closed yesterday at $240.78.
Kidron commented:
“Arista reported strong quarterly results, topping revenue and EPS estimates, while providing 1Q19 revenue guidance above consensus expectations. Commentary was positive, with no disruption from macro/political uncertainties as momentum with cloud/enterprise customers remained strong. The impact of Microsoft was significant (27% of 2018 revenue), and we see its dollar contribution declining YoY in 2019. Even so, we see growth exceeding 20% in 2019 as demand from other cloud titans and enterprise remains robust, with incremental revenues coming from growing campus contribution and improving service provider demand. Overall, we believe Arista’s execution remains strong and see a more diversified growth profile in 2019 (campus, 400GbE) mitigating normalized contribution from Microsoft. Adjusting estimates for results/guidance; we reduce our PT to $300 (from $330). Maintain Outperform.”
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 28.2% and a 69.4% success rate. Kidron covers the Technology sector, focusing on stocks such as Citrix Systems, New Relic Inc, and Cloudera Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arista Networks with a $273.33 average price target.
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The company has a one-year high of $313.37 and a one-year low of $187.08. Currently, Arista Networks has an average volume of 791.2K.
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Arista Networks, Inc. engages in the development, marketing, and sale of cloud networking solutions. It operates through the following geographical segments: United States; Other Americas; Europe, Middle East, and Africa; and Asia Pacific.
