Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
KeyBanc Capital Markets recommends buying the recent weakness in Arista Networks Inc (NYSE:ANET) shares.
The firm maintained its Overweight rating on the shares of Arista Networks and upped its price target from $200 to $213.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
After slumping 8.16 percent to $181.17 on Thursday, shares of Arista Networks were up 10.95 percent at $201 in pre-market trading.
Arista reported a third-quarter adjusted EPS of $1.62 against a $1.19 estimate after the close Thursday and sales of $437.6 million versus a $418.5 million estimate.
Arista Networks reported solid product revenues of $380 million, ahead of their estimate of $356 million, analyst Alex Kurtz said in a Thursday note. Arista's fourth-quarter guidance implied 35-40 percent year-over-year product growth compared to expectations in the low-30s, Kurtz said. (See Kurtz' track record here.)
"Cloud titans, service provider, cloud specialized providers, and enterprise were the top verticals (in order) during 3Q17," the analyst said.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Based on the reported results and guidance, KeyBanc Capital Markets raised its estimates for the company.
KeyBanc said the recent sell-off in Arista shares was driven by weakness at Applied Optoelectronics Inc (NASDAQ:AAO), Oclaro Inc (NASDAQ:OCLR) and Juniper Networks, Inc. (NYSE:JNPR).
The weakness, Kurtz said, is a buying opportunity, as the company is now focused on a more diversified customer and vertical mix, weaning away from Microsoft Corporation (NASDAQ:MSFT), which now accounts for 10 percent of its business.
Strong FlexRoute adoption continued, up to 150 from over 100 last quarter, Kurtz said. Arista's strong operating leverage helped maintain a strong contribution model, with a 39 percent operating margin compared to guidance of 30 percent.
Related Links:
NetApp Post-Earnings Worries Overblown, UBS Names The Stock A Buy
Arista Networks: Analyst Likes The Company But Not The Valuation
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.