Wells Fargo Resumes Coverage on Akamai Technologies (AKAM) at Outperform; The Story Is Stabilizing

Wells Fargo resumes coverage on Akamai Technologies (NASDAQ: AKAM) with an Outperform. PT range $35-$37.

Wells analyst says, "In our opinion, AKAM benefits from a number of high profile growth trends including - internet traffic growth, wireless broadband adoption, HD video, and cloud computing. Near term, we think that CDN (content delivery network) pricing is relatively stable and that the customer re-pricing events from Q1 2011 which caused AKAM’s initial weakness this year are unlikely to repeat. As a result, we think AKAM has easy comps for the next few quarters and believe that downside to Street expectations is limited. Furthermore, the adoption of higher end tablet devices and the potential migration of higher quality video content to the internet could provide a catalyst to AKAM shares longer term. Our 2011E EPS is $1.46, 2012 is $1.65."

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 $27.97 yesterday.

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