Thinking Through the Introduction of the 7060XE7 Series 1.6T Networking Platform

研报英文原文证据摘录

Thinking Through the Introduction of the 7060XE7 Series 1.6T Networking Platform

June 9, 2026

VALUATION METHODOLOGY

Our Target Price is based on a price/earnings multiple. We assess future earnings growth, operating margins, free cash flow

generation and returns on capital employed when determining whether a company is deserving of higher or lower multiples.

RISKS

1) Macro: We expect IT vendors to be impacted during periods of economic contraction, 2) Indexed toward cloud capex:

cloud/hyperscale companies account for the vast majority of ANET’s business and the lumpiness in infrastructure investments from

ANET’s customers could create inconsistency, 3) Competition: other networking vendors gaining traction in high speed datacenter

networking.

COMPANIES UNDER COVERAGE BY AUTHOR

Price Evercore ISI

Symbol Company Rating (2026-09-06) Target

AAPL Apple Inc Outperform $301.54 $365.00

ACN Accenture plc Outperform $174.43 $250.00

ANET Arista Networks, Inc. Outperform $156.40 $200.00

APH Amphenol Corporation Outperform $143.60 $180.00

CDW CDW Corporation Outperform $134.81 $160.00

CIEN Ciena Corporation In Line $466.67 $550.00

CRWV CoreWeave, Inc. Outperform $102.37 $150.00

CSCO Cisco Systems, Inc. Outperform $124.15 $150.00

Cognizant Technology Solutions

CTSH Corporation Outperform $52.99 $70.00

DELL Dell Technologies Inc Outperform $400.77 $450.00

FFIV F5, Inc. Outperform $396.19 $475.00

HPE Hewlett Packard Enterprise Co. Outperform $49.87 $70.00

HPQ HP Inc In Line $25.38 $25.00

International Business Machines

IBM Corporation Outperform $280.82 $310.00

INGM Ingram Micro Holding Corporation In Line $29.53 $26.00

KRMN Karman Holdings Inc. Outperform $49.64 $100.00

MSI Motorola Solutions, Inc. Outperform $406.80 $525.00

NTAP NetApp, Inc. In Line $170.31 $170.00