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ANET

Arista Networks

$267.02

9.73 (3.78%)

12:11
08/06/18
08/06
12:11
08/06/18
12:11

Arista Networks to revise Q2 GAAP results for $405M settlement charge

As a result of the legal agreement with Cisco Systems (CSCO), Arista Networks will revise its Q2 GAAP financial results. The company will record a legal settlement charge of $405M to operating expenses, which includes legal fees associated with the settlement, and a reduction of $99M to its provision for income taxes, resulting in a revised GAAP net loss for the quarter of $155.3M. In addition, Arista will record an increase of $405M in total current liabilities, an increase of $85M in prepaid expenses and other current assets, and an increase of $14M in deferred tax assets. These adjustments do not impact the company's non-GAAP financial results, given its practice of excluding costs related to the Cisco and OptumSoft lawsuits from its non-GAAP results.

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ANET Arista Networks
$267.02

9.73 (3.78%)

08/06/18
MSCO
08/06/18
NO CHANGE
MSCO
Boeing, Tesla, Nvidia make Morgan Stanley 'key man risk' list
Morgan Stanley equity strategist Mark Savino noted that about 12% of CEO jobs among S&P 500 companies turned over in 2017, noting that this was the highest level of CEO departures since before the financial crisis. The 59 stocks of S&P 500 companies that had CEOs depart in 2017 underperformed the market by 11% over the next 12 months, or since the departure for instances that were less than 12 months ago, noted Savino. In cooperation with the firm's U.S. analysts, Savino and his team identified the companies in each sector they believe face the greatest level of "key man risk," which includes: Boeing (BA), Tesla (TSLA), ADT Inc. (ADT), Moody's (MCO), TransUnion (TRU), Arista Networks (ANET), Church & Dwight (CHD), Coca-Cola (KO), Monster Beverage (MNST), Coupa Software (COUP), Salesforce (CRM), FireEye (FEYE), MongoDB (MDB), Microsoft (MSFT), New Relic (NEWR), XPO Logistics (XPO), Hilton (HLT), Las Vegas Sands (LVS), Best Buy (BBY), Ulta (ULTA), Aflac (AFL), Athene Holding (ATH), Lincoln National (LNC), Arthur J. Gallagher (AJG), Chubb (CB), Amazon.com (AMZN), Activision Blizzard (ATVI), Facebook (FB), Alphabet (GOOGL), Apple (AAPL), Terex (TEX), Cleveland-Cliffs (CLF), Freeport McMoRan (FCX), FleetCor (FLT), Global Payments (GPN), Square (SQ), Jazz Pharmaceuticals (JAZZ), Cheesecake Factory (CAKE), Broadcom (AVGO), Nvidia (NVDA), Chegg (CHGG), DXC Technology (DXC), Medidata (MDSO), Pluralsight (PS), RealPage (RP), Shopify (SHOP) and T-Mobile (TMUS).
08/06/18
ARGS
08/06/18
NO CHANGE
Target $320
ARGS
Buy
Arista Networks price target raised to $320 from $280 at Argus
Argus analyst Jim Kelleher raised his price target on Arista Networks to $320 and kept his Buy rating despite the 4% decline in the stock price late last week following its Q2 results, saying any weakness related to "cautious" guidance is an opportunity to add to positions. The analyst notes that the company has a history of guiding conservatively and then beating "soundly", as it is "permanently" positioned to disrupt the network space with its cloud solutions. Kelleher further cites Arista's "global momentum" in sales to market leaders across multiple verticals, "including cloud titans, cloud specialty service providers, and tier one telcos."
08/03/18
SBSH
08/03/18
NO CHANGE
Target $300
SBSH
Buy
Arista Networks call confusion brings buying opportunity, says Citi
Citi analyst Jim Suva believes confusion on Arista Networks' conference call presents a buying opportunity. The company reaffirmed its outlook and did not imply a reduction that was confused by the announced Mojo Networks acquisition, Suva tells investors in a research note. He sees any stock pullback as an "aggressive opportunity" for investors and reiterates a Buy rating on Arista Networks with a $300 price target.
08/03/18
LOOP
08/03/18
NO CHANGE
Target $260
LOOP
Hold
Arista Networks price target raised to $260 from $250 at Loop Capital
Loop Capital analyst James Kisner raised his price target on Arista Networks to $260 after its Q2 earnings beat and in-line Q3 guidance, saying the company has a "high level of differentiation and growth opportunities". The analyst also cites the 300bps beat in operating margin on the strength of its Cloud Titans vertical, but keeps his Hold rating due to "expensive" valuation and "volatile" end market demand.

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