Canaccord Genuity Remains Sidelined on Akamai Technologies (AKAM); Unexplained Swings in Revenue Not Reassuring

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Canaccord Genuity maintains a 'Hold' on Akamai Technologies (NASDAQ: AKAM) price target of $34.00 (from $32.00).

Analyst, Greg Miller, said, "Akamai reported surprisingly strong 2Q12 results last night that defied recent trends. Revs, EBITDA and adjusted EPS that were so far ahead of expectations would suggest a sudden and unexplained inflection point in 2Q12 that began to drive Cloud growth again. Although the stock will likely trade higher, we remain on the sidelines until it is clear we are beyond the unexplained swings in revenue growth in any given quarter."

Shares are trading up 23% to $34.75 in afternoon trading.

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 $28.25 yesterday, with a 52 week range of $18.25-$39.14.

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