Analyst Targets 30% Upside for Arista Networks Stock

It's been a choppy trading year for ANET stock

Dec 6, 2018 at 1:31 PM
facebook X logo linkedin


BofA-Merrill Lynch upgraded Arista Networks Inc (NYSE:ANET) stock to "buy" from "neutral,"  and reiterated its $300 price target -- a nearly 31% premium to Tuesday's close. The brokerage firm cited potential growth opportunity in new markets like routing and wireless LAN, given "management's excellent execution history."

As such, ANET stock is showing resilience during today's broad selling, up 1% at $231.99. The shares have been choppy this year, coming into 2018 trading near $235.60, and then breaking out to a then-record high above $311 in mid-February. The security pulled back to a short-term support in the $250 region -- home to an early January bull gap -- before hitting an all-time peak of $313.30 on Aug. 24. A sharp pullback from here was contained near $220, though subsequent rallies have been contained by that former floor and the equity's 50-day moving average.

anet stock daily price chart on dec 6

Analysts are mostly upbeat toward the networking hardware name. While just under half of the 22 brokerages in coverage maintain a "hold" or "strong sell" rating, the average 12-month price target sits all the way up at $298.14.

Short sellers, meanwhile, have been exiting their bearish positions en masse. Short interest plunged 41.6% in the two most recent reporting periods, to 1.86 million shares. This represents a low 3.5% of ANET's available float, and would take roughly two days to cover, at the average pace of trading.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI