Citi ups Arista Networks target, opens ‘positive catalyst watch’

Citi analyst Atif Malik raised the firm’s price target on Arista Networks (ANET) to $123 from $112 and keeps a Buy rating on the shares ahead of the earnings report on August 5. Citi also opened a “90-day positive catalyst watch” on the shares. The firm cites a better outlook for data center switching for the target increase. Arista is benefitting from a growing ethernet switching market, the analyst tells investors in a research note.