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Fly News Breaks for May 6, 2019
ANET
May 6, 2019 | 07:35 EDT
MKM Partners analyst Michael Genovese raised his price target on Arista Networks to $295, modeling a higher implied forward earnings multiple of 25-times vs. 22.5-times prior even though the company's Q2 revenue guidance missed expectations and the stock fell over 10% on Friday. The analyst believes that the spending by Arista Networks' large customers could recover and also sees the investment story on the stock as more "interesting" following the guidance reset. Genovese is keeping his Neutral rating on the shares which he maintains are "still expensive", even though he sees the company's Campus opportunity as intriguing.
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