Cowen Cuts Price Target on Akamai Technologies (AKAM) Following 2Q15 Results

Cowen maintained an Outperform rating on Akamai Technologies (NASDAQ: AKAM), and cut the price target to $75.00 (from $78.00), following 2Q15 results. Revenue was reported at $540.7MM vs. the Street’s $540.4MM estimate. NON-GAAP EPS was $0.57 vs. the Street’s $0.58 estimate. For 3Q15, AKAM expects revenue of $543-555MM, and EPS of $0.56-58.

Analyst Colby Synesael commented, "AKAM was down ~10% in the after-market following lackluster 2Q15 results and disappointing 3Q15 guidance and while we were cautious into the print it was worse than anticipated. However, the bar has now been reset and we believe it positions the company for upside 2H15 results and a good entry point for investors who have remained patient heading into what we expect will be a stronger 2016."

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 $73.65 yesterday.

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