Arista Networks：随着更多供应可用，超越预期（甚至更多）

研报英文原文证据摘录

M

Idea

August 5, 2026 04:01 AM GMT

Morgan Stanley & Co. LLC

Arista Networks | North America

Meta A Marshall

Equity Analyst

Clearing the Bar (and then

Some) as More Supply

Becomes Available

Antonio Jaramillo

Research Associate

Arista Networks (ANET.N, ANET UN)

Telecom & Networking Equipment | United States of

America

What’s Changed

Arista Networks (ANET.N)

From

To

Price Target

$190.00

$220.00

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Fiscal Year Ending

AlphaSignals Earnings Reaction

Strengthens our thesis

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

ANET beat bogeys into Q2, now expecting ~40% Y/Y growth,

from 28% Y/Y post Q1. This validates our view that demand

remains very healthy, particularly as Scale Across opportunities

become more sizeable, it was just a matter of supply (which has

loosened). See reset floor for stock in NT, remain OW.

Key Takeaways

Overweight

In-Line

$220.00

$190.51

$240,734

$194.31-114.52

12/25 12/26e 12/27e 12/28e

ModelWare EPS ($)

EPS ($)**

Prior EPS ($)**

P/E

Div yld (%)

2.60

2.94

50.4

0.0

3.59

4.05

3.56

53.1

0.0

4.15

4.78

4.06

45.9

0.0

4.71

5.44

4.71

40.4

0.0

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Quarterly EPS ($)

Quarter

2025

Q1

Q2

Q3

Q4

0.65

0.73

0.75

0.82

2026e 2026e

Prior Current

0.87

0.92

0.87a

1.02a

1.07

1.09

2027e 2027e

Prior Current

0.96

1.01

1.08

1.07

1.17

1.23

1.31

e = Morgan Stanley Research estimates, a = Actual Company reported data

ANET quarter was meaningfully better than expectations, with growth

accelerating in Q2 and set to again accelerate in Q3/Q4.

Supply commentary, which dampened enthusiasm post Q1, was meaningfully

improved, helping company confidence in raised guide.

Continuing to see strong traction in scale across, scale out and enterprise use

cases.

Decel in billings growth is only nit on the quarter, but with company not

releasing an orders number, billings is not a great proxy.

…