5 big analyst picks: Arista Networks upped to Buy on AI, 400G cloud rebound
Investing.com | Author Davit Kirakosyan
Published Aug 31, 2023 05:31AM ET
By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Arista Networks, 3M, Sunrun, Pinduoduo , and Vasta Platform.
Never miss another market-moving headline.
Arista Networks gets buy stamp at Citi/h2
Citi on Thursday upgraded Arista Networks (NYSE:ANET) to Buy from Neutral with a $220 price target, citing an expected recovery in spending on 400G cloud and AI prospects.
The analysts wrote that, given an expected rebound in "hyperscaler spending" on traditional data center infrastructure next year - and recovery in a "top customer's" capital expenditures and - Arista should reap benefits into 2024 and 2025.
Citi also views November's investor day as a positive catalyst for the stock, adding:
"We like ANET’s exposure to generative AI long-term... and expect the stock’s multiple to re-rate as 400G cloud spend recovers, hyperscaler capex re-accelerates, and opportunities to monetize generative AI materialize into next year.
Shares were rising 1.6% to $190 in recent premarket trading.
3M upgraded at Morgan Stanley/h2
Morgan Stanley upgraded 3M (NYSE:MMM) to Equalweight from Underweight and raised its price target to $113.00 from $102.00, as reported in real-time on
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.