Oppenheimer analyst Ittai Kidron raised his price target on Arista Networks to $330 from $300 following meetings with the company's CFO, Ita Brennan. Kidron, who said he came away from the meetings "incrementally positive," said he expects Cloud to become the largest vertical again by mid-year. Additionally, Kidron noted several catalysts ahead that could push shares higher, including the company's analyst day on May 7. The analyst, who maintained an Outperform rating, believes litigation risk from Cisco (CSCO) is now "minimal" and unlikely to have an impact.

Bullish option flow detected in Arista Networks with 2,900 calls trading, 1.7x expected, and implied vol increasing almost 2 points to 56.57%. Nov-24 270 calls and 4/26 weekly 275 calls are the most active options, with total volume in those strikes near 770 contracts. The Put/Call Ratio is 0.64. Earnings are expected on May 7th.