Benzinga | Jan 24, 2022 08:54AM EST

Citi Upgrades Arista Networks To Buy; Sees Sharp Upside

* Citi analyst Jim Suva upgraded Arista Networks Inc (NYSE:ANET), noting that the recent sell-off has provided a good buying opportunity for investors.

* Suva raised his rating to Buy from Neutral and reiterated the $150 price target, suggesting an upside of 26.44%.

* Suva noted that the 17% decline year-to-date occurred, although Arista's fundamentals are "strong," as capital expenditure spending for its customers is increasing.

* Arista is a software and hardware provider for the networking solutions sector.

* Price Action: ANET shares traded higher by 1.37% at $118.63 in the premarket session on the last check Monday.