Why Arista Networks Plunged Today [Yahoo! Finance]
Arista Networks, Inc. (ANET)
Last arista networks, inc. earnings: 2/13 04:05 pm
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investors.arista.com/home/default.aspx
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Source: Yahoo! Finance
While the entire tech sector and frankly the entire market was down today, Arista was doubly affected by an analyst downgrade. The content of the downgrade was especially worrying, given that Arista may find itself with a tough brand-new competitor: Nvidia Nvidia is getting into Ethernet switches Analyst Mike Genovese of Rosenblatt Securities made the big downgrade today, lowering his price target on Arista from $330 to just $210. That's a big move with the stock around $270 today, essentially flipping from a buy to a sell. A double downgrade is somewhat rare on Wall Street, and implies a big reassessment of a company's outlook. In this case, Genovese notes that Arista's outlook for $750 million in 2025 artificial intelligence (AI)-related switch sales is at risk from a brand new competitor: Nvidia. Arista investors may not have contemplated Nvidia as a competitor, as Nvidia is known for its market-leading GPU chips for artificial intelligence. However, with the acquisition o
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ANET
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- 2/12/24 - Beat
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- 4/24/24 - Form DEF
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