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Valuation & Risks ( ANET ) Disclosure / Price Chart(s) / Valuation & Risk
Fundamental Equity Research
We value ANET at $176, or a ~43x P/E based on our FY27 EPS estimate. Our target multiple is at a discount to current valuation but at a premium to the stock's 3-year median valuation, reflecting rising market multiples, the company's growing share of the AI market, and the sustainable growth the company sees in both AI and Campus.

Downside risks to our target price include: 1) weaker sales due to lower spend by, or the loss of, one of Arista’s two top cloud customers; 2) share losses from competition data center switch vendors; 3) lower gross margins due to protracted supply chain disruptions and elevated logistics costs; and 4) a slower economic environment.

 

 

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