Arista Networks (ANET) Soars 17% on Impressive Income, Bullish Ratings

We recently published 10 Stocks With Easy 15-30% Upside. Arista Networks Inc (NYSE:ANET) is one of the best-performing stocks on Wednesday.

Arista Networks soared by 17.49 percent on Wednesday to close at $138.78 apiece on the back of a flurry of catalysts, including a strong earnings performance and bullish ratings from analysts.

In a market note, KeyBanc raised its price target for Arista Networks Inc (NYSE:ANET) to $145 from $115 previously while maintaining an “overweight” rating, primarily due to bullish outlooks and expectations that two of its clients, Meta and Microsoft, will continue ramping up capital expenditures.

Additionally, hyperscale cloud capital expenditures were expected to jump by more than 50 percent this year and by 20 percent in 2026.

For its part, Piper Sandler raised its price target for Arista Networks Inc (NYSE:ANET) to $143 from $89 previously, but remained “neutral” for the company.

Piper Sandler said that while it believes in the full potential of Arista Networks Inc (NYSE:ANET), it remains cautious about new investments at current valuation levels.

In the second quarter of the year, net income jumped by 33.6 percent to $888.8 million from $665.4 million in the same period last year. Revenues jumped by 30 percent to $2.2 billion from $1.69 billion year-on-year.