On August 12, Arista Networks rose 4.65% in regular trading, trading at approximately $205.35 per share, with turnover of $155 million. The stock continued to rally following a blowout Q2 earnings report and a wave of analyst upgrades.

On the earnings front, Arista reported Q2 revenue of $3.04 billion, up 37.7% year-over-year and well above the consensus estimate of $2.818 billion. Adjusted EPS came in at $1.02, beating estimates by 14.6%. Q3 guidance was equally strong, with projected revenue of approximately $3.3 billion versus the Street estimate of $2.94 billion, and adjusted EPS guidance of $1.06-$1.08 versus the $0.91 consensus.

On the institutional front, BNP Paribas raised its price target from $200 to $248, maintaining an Outperform rating. Evercore ISI lifted its target to $250, and Morgan Stanley raised to $220. The FactSet consensus target now stands at $246.76 with a Buy rating, implying significant upside from current levels. UBS noted the raised full-year outlook still likely understates the company's momentum, citing strong AI-related demand.

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