FBR Capital analyst David Dixon adjusted estimate and trimmed his price target on Market Perform-rated Akamai Technologies (NASDAQ: AKAM) to $59.00 (from $61.00) following solid Q3 results but an uncertain Edgecast impact in 2015.

Dixon commented, "Akamai Technologies (AKAM) reported another solid quarter with a beat across most relevant metrics. The biggest driver of the bottom-line beat was total revenue of $498.0M (+26% YOY), versus consensus of $490.9M. Revenue and EBITDA outperformance was attributable to higher-than-expected revenue growth in the media segment ($230.6M, versus $221.5M consensus ), underpinned by social media and gaming and lower operating expenses due to better-than-expected
network optimization efforts. While Akamai is making diversification headway (the performance and securities solutions segment now makes up approximately 45% of total revenue), we remain concerned about the low barrier to entry for competitors
(i.e., Google) and increasing pressure on Akamai's traditional CDN business (e.g., from DIY networks, such as Apple and Verizon Edgecast, particularly as it scales up in 2015). We maintain Market Perform but lower our price target to $59, representing a 22.0x P/E multiple on our FY15 estimate."

The firm raised 2014 EPS to $2.39, from $2.37.

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Shares of Akamai Technologies closed at $56.21 yesterday.