Top Stock Picks for Week of November 20, 2023 –

Top Stock Picks for Week of November 20, 2023

Arista Networks, Inc. (ANET) is engaged in providing cloud networking solutions for data centers and cloud computing environments. Arista reported healthy third-quarter 2023 results, with both the bottom and the top line beating the respective Zacks Consensus Estimate. Solid contributions from enterprise customers in EMEA and APAC regions are boosting the top line. Increasing customer engagements in the cloud networking vertical and data center business are major tailwinds.  Introduction of advanced solutions for cloud, Internet service providers and enterprise networks to match the rising demands of AI/ML-driven network architectures are key growth drivers. Optimization of manufacturing output, improvement in lead times and easing of supply chain woes are positive factors.

Block (SQ), formerly known as Square, was incorporated in 2015. The company offers financial and marketing services through its comprehensive commerce ecosystem that helps sellers to start, run and grow their businesses. Block reported impressive third quarter results wherein both earnings and revenues grew year over year. Strong growth in transaction and subscription revenues contributed generously to the results. Further, strong performance of the company’s ‘buy now, pay later’ platform remained positive. Also, growing GPV owing to strength across the Square and Cash App ecosystem was another positive. Further, improvement in the card-present volumes remained a tailwind. Also, rising card-not-present GPV owing to robust online channels contributed well. Strengthening momentum in bitcoin space remained another positive. Additionally, increasing traction with TIDAL contributed well. Block has been one of the most searched-for stocks on lately.

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