UPDATE: UBS Initiates Coverage On Akamai Technologies, Inc., Calls Company The 'Google Of the Internet Infrastructure'

Shares of Akamai Technologies, Inc. AKAM are trading up 1.3 percent following coverage by UBS on Friday.

UBS initiated coverage on Akamai with a Buy rating and $70 price target Friday.

Analysts at the firm feel Akamai is still a play on internet growth. The company's distributed computing platform handles one-third of all internet traffic. Analysts compare the company's business model with Google stating, "Akamai is similar to Google in that sophisticated algorithms are the heart of both companies' businesses."

Akamai plans to achieve $5 billion in revenue by 2020. Analysts at UBS believe this number is reasonable and expect upside to Street expectations in the near term.

The price target of $70 is based on a 26.5 times multiple of 2015 profit estimates of $2.85 per share.

Steven Milunovich stated, "Akamai has a lower P/E than companies with similar financial characteristics and only a moderate premium to companies with much lower growth and margins. The stock appears attractive on our franchise factor plot, which compares companies on ROIC and top-line growth."