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.
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