DA Davidson Upgrades Akamai Technologies (AKAM) to Buy

DA Davidson upgraded Akamai Technologies (NASDAQ: AKAM) from Neutral to Buy and raised the price target on the stock from $40 to $45.

The firm boosted its Q1 estimates amid "slightly higher media growth expectations and $1-$2 million of Cotendo revenues." DA Davidson said, "With AKAM's sales growth reaccelerating to a 15% pace in the second half of 2012, we think valuation will move up from its current level of 9.5x 2012 EV/EBITDA."

The firm's Q1 EPS estimate was raised from 24 cents to 25 cents while the sales estimate was lifted from $306.1 million to $309.3 million. Estimated FY12 EPS move from $1.13 to $1.16.

For an analyst ratings summary and ratings history on Akamai Technologies click here. For more ratings news on Akamai Technologies click here.

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