Piper Jaffray Sees Akamai Technologies (AKAM) Continuing To Execute, PT To $94

Piper Jaffray analyst, James Fish, reiterated his Overweight rating on shares of Akamai Technologies (NASDAQ: AKAM) and raised his price target to $94 from $89 after the company reported strong results from the Media business (+7% CC) due to market dynamics, traffic share gains, and the security cross-sell.

The analyst stated "Q3 should re-assure the market that AKAM remains very strongly positioned as an edge-platform that will benefit from the shift towards edge services. We believe the market dynamics, mgmt. confidence in the 30% OPM target by 2020, and undervalued security business (which represents ~$50 of the stock by our calc) continue to support an OW-rating".

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 $68.30 yesterday.

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