Needham & Company Starts Akamai Technologies (AKAM) at Buy

Needham & Company analyst Alex Henderson initiates coverage on Akamai Technologies (NASDAQ: AKAM) with a Buy rating and a price target of $95.00.

The analyst commented, "Virtually every major trend in the broader tech arena favors growth in the Commercial CDN market. Growth in CY19 is expected to be relatively modest due to the timing of world events and some re-pricing of large contracts. However, as we move into CY2H19 and CY20, we think the underlying dynamics should drive accelerated growth, improving margins, and higher valuations. With AKAM's conservative full-year guide out of the way, we think there is more upside than risk. Further, as the strong underlying dynamics combine with the stronger world traffic environment in the cyclically strong CY2020 period, we see considerable upside as more traffic moves from linear TV, 5G and IoT kick in, and continued gaming growth."

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 $75.34 yesterday.

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