Arista Networks (NYSE: ANET) went into the weekend on a high note, as its shares well outperformed the market that day. They rose by nearly 5% in value on an analyst upgrade, and with that trounced the 1.3% rise of the S&P 500 index.

The person behind the Arista upgrade was Jefferies' George Notter, who now rates the stock a buy at a price target of $320 per share. Previously, he tagged it as a hold at a much lower price point ($240).

The reasoning behind this is straightforward, clear, and entirely realistic. In his latest research note on the networking company, Notter said that spending on cloud computing is "extraordinary right now," a trend that plays very nicely into Arista's core competencies.

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Source Fool.com