Arista Networks removed from ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI is removing Arista Networks from the firm’s “Tactical Outperform” list after the company reported “strong upside” to March-end quarter expectations and “crucially” raised their calendar year 2024 revenue growth expectations to 12%-14% from a prior guide of 10%-12%. The firm, which thinks Arista’s 2024 guidance, while positive, is “fairly conservative given it implies a deceleration in revenue growth” in the second half despite comparisons getting easier, maintains an Outperform rating and $320 price target on the shares.