MKM Partners Reiterates Buy on Akamai Technologies (AKAM) Ahead of 3Q Report

October 19, 2016 11:21 AM EDT
Get Alerts AKAM Hot Sheet
Price: $68.98 -0.89%

Rating Summary:
    21 Buy, 16 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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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."

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 $55.92 yesterday.

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