Arista Networks hits record high after Citi hikes price target

Arista Networks

27/06/2024 18:48

** Shares of cloud networking provider Arista Networks
 ANET.N  rise 4% on Thur, hitting record high after Citi
analysts raised their price target 
    ** ANET is "well positioned" to benefit in Ethernet space as
InfiniBand and Ethernet vie for dominance in the AI networking
tech market, the Citi analysts said
    ** Citi hiked its PT to $385 from $330 and reiterated its
'buy' rating
    ** "While InfiniBand is widely believed to have the lion’s
share of the market, Ethernet is clearly gaining share, based on
component supplier, vendor, and end-customer commentary," the
analysts wrote in a research note
    ** The median PT of 26 analysts is $325, which is below Thur
price of $348.38. However, their avg rating is "buy", per LSEG
data
    ** ANET is up ~48% YTD versus a ~28% gain in the S&P 500
technology index  .SPLRCT 

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))