Arista Networks hits record high after Citi hikes price target
** Shares of cloud networking provider Arista Networks ANET.N rise 4% on Thur, hitting record high after Citi analysts raised their price target
** ANET is "well positioned" to benefit in Ethernet space as InfiniBand and Ethernet vie for dominance in the AI networking tech market, the Citi analysts said
** Citi hiked its PT to $385 from $330 and reiterated its 'buy' rating
** "While InfiniBand is widely believed to have the lion’s share of the market, Ethernet is clearly gaining share, based on component supplier, vendor, and end-customer commentary," the analysts wrote in a research note
** The median PT of 26 analysts is $325, which is below Thur price of $348.38. However, their avg rating is "buy", per LSEG data
** ANET is up ~48% YTD versus a ~28% gain in the S&P 500 technology index .SPLRCT
Reporting by Chibuike Oguh in New York
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