Arista Networks jumps on strong Q2 revenue forecast, buyback plan

Arista Networks

08/05/2024 11:26

** Shares of cloud networking solutions provider Arista
Networks  ANET.N  climb 7.5% to $296.64 in premarket trading
    ** Forecasts Q2 revenue in range of $1.62 bln-$1.65 bln,
with mid-point above est of $1.62 bln, anticipating higher
demand for cloud networking gear from AI applications and chips
- LSEG data
    ** Posts Q1 revenue of $1.57 bln vs est of $1.55 bln, EPS of
$1.99 vs est of $1.74
    ** Also authorizes additional $1.2 bln stock repurchase
program
    ** Jefferies raises PT to $340 from $320 
    ** Mean recommendation of 26 brokerages tracking ANET is
"buy", median PT is $316.29
    ** As of last close, ANET shares up 16.3% YTD vs 8.8% gain
in benchmark S&P 500  .SPX 
     
    

 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))