02:25 PM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $50 to $350, 44.4x our '24 EPS estimate, a premium to its five-year historical average P/E at 36.8x, reflecting our stronger growth outlook and recent results. We increase our '24 EPS estimate by $0.41 to $7.88 and raise '25's by $0.43 to $8.90. ANET reported Q1 operating EPS of $1.99 vs. $1.43, $0.25 above the consensus. Q1 revenue increased 16.3%, driven by strong growth in the U.S. with solid contributions from its Cloud Titan and Enterprise customers. ANET raised its full-year revenue growth guidance to 12%-14% from 10%-12%, but we believe this guidance is still conservative given the positive underlying trends for the company. We are becoming increasingly positive on the impact of AI demand for ANET, as the company expects revenue contributions later this year, with the total jumping to $750 million in '25. We believe this is a strong long-term opportunity for ANET, with $750 million being just the tip of the iceberg.