Canaccord Genuity Maintains a 'Hold' on Akamai Technologies (AKAM); Adjusting Estimates and PT

May 16, 2012 9:14 AM EDT
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Price: $69.15 +0.25%

Rating Summary:
    21 Buy, 16 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Canaccord Genuity maintains a 'Hold' on Akamai Technologies (NASDAQ: AKAM) price target lowered from $34 to $32.

Analyst, Greg Miller, said, "We continue to rate Akamai HOLD following the recent downdraft with its share price after Q1 results, Q2 guidance and the announcement that the CEO would be stepping down. While it was revealed at a recent industry conference that CDN pricing conditions may have improved in the near term, we believe this positive note is more than overshadowed by the announcement that Amazon would launch a competing dynamic site acceleration product and effectively replace Cotendo as a long-term competitor."

"Withslightly better than expected pricing trends in the volume sensitive commodity (CDN) business that are offset by increasing competitive pressures in the cloud business with Amazon’s DSA launch, we slightly increase ‘12E EPS and lower ‘13E."

For an analyst ratings summary and ratings history on Akamai Technologies click here. For more ratings news on Akamai Technologies click here.

Shares of Akamai Technologies closed at $30.19 yesterday.

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