Akamai (AKAM) PT Raised to $65 at Stifel
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Stifel analyst Matthew Heinz raised his price target on Akamai Technologies (NASDAQ: AKAM) to $65.00 (from $58.00) and reiterated a Hold rating.
Heinz commented, "Total revenues were $584.1M (+6.0% y/y, +5.8% y/y CC), beating our estimate of $575.8M and consensus of $572.1M. Excluding revenue from the Big 6 internet platform companies, revenues would have increased 15.4% y/y. Management continues to believe DIY efforts for CDNs isn't practical outside of the few large internet scale companies. Cash GM% was 60 bps above our model at 76.3% (+60 bps q/q and -90 bps y/y)."
Shares of Akamai Technologies closed at $59.07 yesterday.
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