Wall Street rarely changes its mind twice on the same stock within three weeks.
With Arista Networks (ANET), it just did
On May 15, a bullish call flipped Arista from a stock investors had been quietly trimming over customer concentration fears into one of the cleaner AI infrastructure plays heading into 2027. Yet ANET shares actually fell 3.65% on the day the upgrade was announced, closing at roughly $136.43, according to ChartMill data. That gap, between what the analyst is saying and what the stock price is doing, is the real story.
Here is what changed, who said it, and why the dip may matter more than the upgrade. Raymond James flips Arista to Outperform on broadening AI demand The bullish call came from Simon Leopold at Raymond James, who upgraded Arista from Market Perform to Outperform with a $164 price target on May 15, 2026. Leopold’s thesis rests on three pillars: AI back-end market share gains, an emerging “scale-across” opportunity, and the prediction that Oracle (ORCL) will become Arista’s next 10%-plus customer.