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Arista Networks (NYSE:ANET) is 7.3% greater the day after its analyst day adopted up this week’s earnings report that includes document revenues.
And Piper Sandler has reacted to the shows by upgrading the inventory to Obese, from Impartial, although it says it is “barely late” to that social gathering.
There have been constructive “breadcrumbs” alongside the best way, however the occasion gave Piper extra confidence in visibility and sustainable progress, analyst James Fish says.
The occasion’s message was targeted on 2023 potential (of greater than 25% progress), sustainability of cloud buyer demand, a “renewed push” on enterprise share positive aspects and a few “principally constructive” up to date long-term mannequin targets, Fish notes.
“Core to our thesis is the flush of backlog that’s causation for >25% 2023 progress, high-quality and resilient buyer base (together with hyperscalers) in a difficult macro-environment, enterprise share positive aspects, launch of recent options (together with SD-WAN & NaaS), 400G/800G cycle through which Arista maintains topshare, margin increase from best-in-class group, and constructive risk-reward heading into 2023,” he says.
Fish raised his worth goal to $164 from $126, implying 25% upside.
That social gathering that Fish famous he was “barely late” to contains broadly constructive Wall Avenue Analysts, who fee the inventory a Purchase general with greater than a dozen at Sturdy Purchase.
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