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Citigroup's Atif Malik raised their price target on Arista Networks (NYSE: ANET) by 15.5% from $97 to $112 on 2025/05/14. The analyst maintained their Strong Buy rating on the stock.

Arista Networks reported its Q1 2025 earnings.

Malik predicted that the company will see positive revisions to FY 2025 and 2026 estimates, and that its share of the Ethernet AI back-end market would double in FY 2025. 

In addition, the analyst expressed optimism that Arista Networks will hit its $750M AI back-end goal for FY 2025, which would reflect about 20% market share.

Based on the company's increasing share of the AI market and higher market multiples, Malik said they hiked their multiple without changing their estimates.

Earnings Report

For Q1 2025, Arista Networks reported:

• EPS of $0.65, which beat the Zacks Consensus Estimate of $0.59 and, by 30%, Q1 2024’s $0.50.
• Revenue of $2B, which beat the Zacks Consensus Estimate by 2.30% and, by 27.6%, Q1 2024’s $1.57B.

For Q2 2025, management guided:

• Revenue of $2.1B.

Chairperson & CEO Jayshree Ullal commented: “As we enter 2025, AI, cloud, and enterprise customers continue to drive network transformation. 

“We surpassed $2B in revenue for the first time in Q1 2025 despite the unknowns around tariffs.

"Arista's trifecta of innovation, growth, and profitability is reflected in our results."