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Bank Of America Has Even More Conviction In Buy Ratings On Arista Networks, Fortinet

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Bank Of America Has Even More Conviction In Buy Ratings On Arista Networks, Fortinet

In a research note Monday morning, Bank of America analysts offered key takeaways from a recent technology conference it hosted.

Analysts at the firm reiterated Buy ratings on two telecom equipment players, Arista Networks Inc (NYSE: ANET) and Fortinet Inc (NASDAQ: FTNT). "We came away with increased conviction on Buy rated Arista, Fortinet," the firm's note suggested.

On Arista

"Our discussions supported our conviction that the current momentum can continue, driven by continued hyperscale capex growth, strong increase in cloud storage capacity, and the deployment of IP distribution networks by content providers," according to BofA.

The firm boosted its price objective on Arista shares from $75 to $85.

On Fortinet

"Our meetings with Fortinet’s management team support our confidence that the FY16 revenue growth expectations are achievable, despite previous concerns over difficult YoY comparisons from high-end product cycles and service price increases," the BofA note said.

BofA raised its price objective on Fortinet from $37 to $40.

Latest Ratings for ANET

DateFirmActionFromTo
Apr 2019KeyBancMaintainsOverweightOverweight
Mar 2019RosenblattInitiates Coverage OnNeutral
Mar 2019Goldman SachsReiteratesBuy

View More Analyst Ratings for ANET
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

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