UPDATE: Oppenheimer Upgrades Akamai Technologies to Outperform on Strong Trends

Oppenheimer raised its rating on Akamai Technologies AKAM from Perform to Outperform with a newly-established $50 price target. Oppenheimer commented, "The company is a major beneficiary of the migration to cloud computing. We see this migration accelerating in the next two years due to wireless broadband network and device adoption, combined with more cloud services standards (OpenStack, etc.). AKAM helps a vast majority of eCommerce companies to deliver their services over the Internet (cloud), and this is becoming more important over wireless networks. Given the company's strong growth profile, stable margins and solid balance sheet, we think the stock is attractively valued at ~7x 2013E EBITDA." Akamai Technologies closed at $36.11 on Wednesday.