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Fly News Breaks for June 26, 2015
T, ANET
Jun 26, 2015 | 14:55 EDT
MKM Partners analyst Michael Genovese wrote in a note to investors this morning that the firm's checks indicate that Arista Networks (ANET) may have won a deployment with AT&T (T) worth about $50M for data center switches and software, which he said would be the company's first "meaningful" win with a Tier 1 service provider. Genovese raised his price target on Arista shares to $95 from $80, citing increased confidence that the company can meet or beat the firm's above-consensus estimates for 2015-2016. Arista Network shares are down 3.5% to $82.39 in afternoon trading.
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