MKM Partners Reiterates Buy on Akamai Technologies (AKAM) Ahead of 3Q Report
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MKM Partners reiterated a Buy rating and $65.00 price target on Akamai Technologies (NASDAQ: AKAM) ahead of the company's 3Q earnings report. MKM remains bullish on Cloud Security products over the next several years. Core products are still growing +40% and new products are positioned to tap into a 5x market opportunity.
Analyst Rob Sanderson commented, "AKAM will report Q3 earnings results on Tuesday, 10/25 after the market close. Sentiment is generally cautious as revenue from the top-2 customers bleeds off. Many investors believe that AKAM’s moat is not defensible. We think that another leg of downside from our current forecast would mean a change in strategy from customers #3 or 4, which we do not see at this time. We think the reset is near bottom and see reasons for a rebound in media revenue in 2017. Maintain Buy and $65 PT."
Shares of Akamai Technologies closed at $55.92 yesterday.
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