Arista Networks (ANET) is facing a growth opportunity from new clients that is changing the narrative on the stock, Morgan Stanley said in a note Friday with a preview of the company's Q1 results.

Conversations around Arista's shares have "started to pick up in the last month, after a long stretch of underperforming given questions around share/margins," the note said.

Morgan Stanley said that even after the company's stock run up it is "still positively inclined into the Q1 print" as the company's ability to highlight the scope of its new clients and its margin resilience presents opportunities.

The "broadening out" of the company's customer base and investor focus shifting to front-end/inference, where Arista's share is higher, has refocused attention on the company's growth potential, the note said.

Arista is expected to release its Q1 results on May 5.

Morgan Stanley has kept its overweight rating on Arista and raised the company's price target to $180 from $165.

Price: 175.06, Change: +2.35, Percent Change: +1.36