Arista Networks rises as Citi boosts price target, citing rising AI opportunity

Arista Networks (NYSE:ANET) was in focus on Thursday as Citi upped its price target, citing a rising opportunity in artificial intelligence.
Shares rose fractionally in premarket trading
Though InfiniBand is thought to take the majority of the AI networking market, Ethernet is clearly gaining share as well and the AI back-end switching market total addressable market could reach $15B by 2027, up from $10B, analyst Atif Malik said. Malik boosted his price target on Arista to $385 from $330 and maintained his Buy rating.
Malik also raised his earnings estimates for 2024, 2025 and 2026 by 4%, 16% and 13%, respectively.