RBC Capital Raises Price Target on Akamai Technologies (AKAM) to $67 Following Solid 3Q
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RBC Capital reported a Sector Perform rating on Akamai Technologies (NASDAQ: AKAM), and raised the price target to $67.00 (from $59.00), following the company's 3Q earnings report. AKAM reported revenues of $584MM, above the Street's estimate $572MM. The beat was driven by stronger than expected results in Performance & Security and Service & Support Solutions, with Media Delivery slightly missing expectations.
Analyst Mark Mahaney commented, "AKAM posted better than expected Q3 results and provided Q4 guidance that bracketed Street expectations. Media Delivery revenue remains under pressure due to the company’s two largest media customers drawing down usage of Akamai, while Cloud Security (16% of revs) continues to grow well over 40% Y/Y. Tweaking estimates, raising price target to $67, and maintaining Sector Perform."
Shares of Akamai Technologies closed at $59.07 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRBC Capital, Earnings, Mark Mahaney
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