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U.S. markets retreated after a week of postelection gains, with the S&P 500 down 0.29% and the Dow Jones Industrial Average falling 0.86%. While some stocks, like Tesla, continue to rise, early winners from the "Trump trade" are losing momentum, reflecting a potential shift in investor sentiment as economic data looms. Bitcoin briefly reached $90,000 but retreated to around $87,942.05, while Netflix's ad-supported tier gained 70 million users globally.
UBS has maintained a Neutral rating on Apple with a price target of $236, noting shorter wait times for high-end iPhones, indicating softer demand and improved supply. Despite the introduction of new AI features, no significant demand boost is expected for the December quarter, with an estimated sell-in of 78 million units. Meanwhile, Evercore ISI remains positive, reiterating an Outperform rating with a $250 target, following a 15% rise in App Store revenue in October.
UBS has maintained a Neutral rating on Apple with a price target of $236, noting shorter wait times for high-end iPhones, indicating softer demand and improved supply. Despite the lack of a standout AI application to boost sales, Apple is expected to sell 78 million units in the December 2024 quarter, consistent with last year. Meanwhile, Evercore ISI remains optimistic, reiterating an Outperform rating with a $250 target, following a 15% rise in App Store revenue in October.
UBS has raised its price target for Arista Networks (ANET) to $425 from $369 while maintaining a Neutral rating. The firm views the company's revenue guidance as likely conservative, though concerns about gross margin and non-AI related revenue softness could limit share performance.
Arista Networks' stock was sold at an average price of $349.55, totaling $556,483.60, with the senior vice president now owning 186,600 shares valued at $65.2 million. Insiders sold 58,346 shares worth $21.6 million in the last ninety days, while institutional investors hold 82.47% of the stock. UBS Group raised its target price for Arista from $369 to $425, indicating a potential upside, amidst mixed ratings from analysts.
Arista Networks, Inc. focuses on developing and marketing Cloud Ethernet network switches, with net sales primarily from product sales (85.8%) and services (14.2%). Geographically, the company generates most of its revenue from the Americas (79.4%), followed by Europe/Middle East/Africa (11.5%) and Asia/Pacific (9.1%). UBS has maintained a Neutral recommendation for the company.
Arista Networks, Inc. focuses on developing and marketing Cloud Ethernet network switches, with net sales primarily derived from product sales (85.8%) and services (14.2%). Geographically, the majority of sales come from the Americas (79.4%), followed by Europe/Middle East/Africa (11.5%) and Asia/Pacific (9.1%). UBS has issued a neutral rating for the company.
Arista Networks, Inc. focuses on developing and marketing Cloud Ethernet network switches, with net sales primarily derived from product sales (85.8%) and services (14.2%). Geographically, the majority of sales come from the Americas (79.4%), followed by Europe/Middle East/Africa (11.5%) and Asia/Pacific (9.1%). UBS has issued a neutral rating for the company.
Arista Networks, Inc. focuses on developing and marketing Cloud Ethernet network switches, with revenue primarily derived from products (85.8%) and services (14.2%). Geographically, sales are dominated by the Americas (79.4%), followed by Europe-Middle East-Africa (11.5%) and Asia-Pacific (9.1%).
Next week, the market will focus on the presidential election and the Federal Reserve's interest rate decision, overshadowing earnings reports from companies like Super Micro, Arm, Qualcomm, and CVS. Cramer anticipates strong results from Berkshire Hathaway and highlights the significance of the Fed's meeting, which may lead to a rate cut. Key earnings on Tuesday include Super Micro and Ferrari, while CVS and Arm report on Wednesday, with the Fed's decision expected on Thursday.
Arista Networks, Inc.
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