KeyBanc raised the firm’s price target on Arista Networks to $287 from $232 and keeps an Overweight rating on the shares. The firm views this premium as warranted given expanded market multiples and its positive views on Arista’s fundamentals. KeyBanc is adjusting its estimates slightly higher to better reflect Cloud Titan demand, which it believes could provide an uplift on Arista’s 2024 EBIT, which it now expects to be about $2.74B in 2024 compared to its previous estimate of $2.72B. Further, the firm expects the comparatively higher OM Cloud Titan and AI vertical growth to flow through to the bottom line, resulting in 2024 EPS of $7.15 compared to its previous estimate of $6.93.
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