This stock remains a 'core AI holding' says Citi

Investing.com12-10

Investing.com -- Arista Networks (NYSE:ANET) stock is a "core holding" for investors, Citi strategists said, citing strong demand for data center switches, minimal exposure to risks tied to China in ...

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With a valuation at 45 times price-to-earnings (P/E), the stock appears expensive.\nAnalysts reiterated a Buy rating and a $115 price target on ANET, noting they “remain broadly constructive on the networking equipment group.”\nNetworking stocks have outperformed semiconductors and hardware by 24% and 27% year-to-date, respectively, driven by adoption of AI technologies. Investors are increasingly seeking opportunities in areas where AI is driving significant change.\n\"We view networking enabled AI infrastructure roll out to be a multi-year investment cycle,” strategists led by Atif Malik continued. “Entering 2025, we see an acceleration of ASIC solutions to drive increased need for AI infrastructure intra/inter server + data center interconnects.\"\nFurthermore, they expect the optical segment to benefit from AI-driven increases in density, latency, and complexity. As part of their AI infrastructure framework, Citi ranks Apple (NASDAQ:AAPL), Ciena (NYSE:CIEN), and Coherent (NYSE:COHR) as top picks in the sector.\nRegarding Apple, Citi maintained December quarter estimates, with services revenue tracking slightly ahead of expectations and product revenue modestly below.\nThe rollout of iOS 18.2 in December is anticipated to play a key role in influencing iPhone replacement trends over the next few quarters. Citi highlighted that the staggered introduction of iOS 18.2, 18.3, and 18.4, featuring Apple Intelligence updates, sets the iPhone 16 and 17 refresh cycle apart from previous iterations.\nRelated Articles\nThis stock remains a 'core AI holding' says Citi\nGlobal airlines could miss sustainable fuel targets, IATA's Walsh says\nServiceTitan aims for $5.95 billion IPO valuation","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490092505"}