Arista The Lost Charm: Thoughts on Changes Needed to Get the Mojo Back

研报英文原文证据摘录

Arista The Lost Charm: Thoughts on Changes Needed to Get the Mojo Back

J P M O R G A N North America Equity Research

08 June 2026

Arista Overweight

ANET, ANET US

The Lost Charm: Thoughts on Changes Needed to Get Price (05 Jun 26):$154.27

the Mojo Back Price Target (Dec-26):$200.00

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

We have received questions and queries from investors concerned about Marc Vitenzon

the debates and concerns around the stock having materially increased in recent (1-212) 622-3342

marc.vitenzon@jpmchase.com

years, given Arista’s strong position within the landscape of Networking

Joseph Cardoso

Equipment & Hardware companies, particularly in the pre-2023 era, on account of

(1-212) 622-9036

its technology leadership, close partnership with silicon leader Broadcom, and joseph.cardoso@jpmchase.com

favored position with hyperscalers—all of which together made the long-term bull Manmohanpreet Singh

case less debated in the past. In this report, we share some of our thoughts on (1-212) 622-4527

options Arista could explore to re-secure its leadership position with investors and manmohanpreet.singh@jpmchase.com

provide reassurance around long-term drivers that can help Arista shares Akanksh Chauhan

outperform the rest of the group again, rather than merely keep pace with the (1-212) 622-0045

industry. akanksh.chauhan@jpmorgan.com

J.P. Morgan Securities LLC

ANET’s recent underperformance is a significant shift from the era of

outperformance versus peers. As shown in the Figure below, ANET shares have

Quarterly Forecasts (FYE Dec)

outperformed their closest peer, CSCO, in 7 of the last 10 years, and the SOX

Adj. EPS ($)