As previously reported, Melius Research upgraded Arista Networks (ANET) to Buy from Hold with a price target of $300, up from $210. The firm believes Generative AI is poised to deliver its “Halo Effect” on IT spending, starting in 2024, and also believes that outperformers from 2023 can continue. Both Arista and AMD (AMD) could have huge ramps for AI equipment later in 2024 and especially in 2025, contends the firm, which sees “meaningful upside to consensus” for the pair.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ANET:
- The cloud automation software stocks to own in 2024, according to Piper Sandler
- SNPS, MDB, ANET: Which “Strong Buy” Tech Infrastructure Stock is Best?
- Arista Networks named 2024 Top Pick at Argus
- Arista Networks price target raised to $272 from $230 at Barclays
- Citi ups Arista Networks target, adds to U.S. Focus List