UPDATE: JPMorgan Downgrades Akamai Technologies (AKAM) to Neutral
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JPMorgan analyst Sterling Auty downgraded Akamai Technologies (NASDAQ: AKAM) from Overweight to Neutral with a price target of $117.00 (from $125.00).
The analyst comments "kamai is the industry leader in content delivery networks and plays into many secular trends that drive internet proliferation, including video on the internet (Over the Top or OTT), ecommerce, SaaS, and mobile. AKAM is also strengthening its position in cloud security, especially in the DDoS and WAF space. We believe the management team is embracing the right strategy to enhance shareholder value by increasing its focus around cyber security along with margin expansion and share repurchase. This provided a stable backdrop in 2020 when we saw both revenue acceleration and margin expansion, but looking at 2021 with the prospects of a reversion to the mean on growth and flat operating margins, we expect the performance of the stock to be more in line with our overall coverage."
Shares of Akamai Technologies closed at $117.97 yesterday.
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