UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Limelight Networks on In-Line 4Q
In a report published Wednesday, Jefferies reiterated its Buy rating on Limelight Networks (NASDAQ: LLNW), but slightly lowered its price target from $4.50 to $4.00.
Jefferies noted, “LLNW delivered an in-line 4Q with seasonal strength in CDN revenue offset by weaker VAS performance. CY13 will mark a year of internal reorganization and reinvestment as LLNW repositions both operationally and competitively; part of what is at this point an ongoing broad company-wide operational review by new management. The business has some near-term uncertainty but we still believe strategic value is above market value.”
Limelight Networks closed on Tuesday at $2.38.
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