UPDATE: Jefferies Raises Target to $41 on Akamai Technologies
Jefferies reiterates its Hold rating on Akamai Technologies (NASDAQ: AKAM) and raises its target by $5 to $41 as the company delivers a strong quarter on holiday momentum and increased traffic.
Jefferies says, "AKAM reported strong F4Q results as the seasonally strong ecommerce and advertising areas outperformed while the company saw a reacceleration in overall traffic volume. We had liked the stock due to the ecommerce seasonality and easy 1Q comps and believe secular trends including a shift to video streaming could provide a longer and greater than modeled tailwind in CY12."
AKAM closed at $34.44 a share on Wednesday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.