UPDATE: Canaccord Genuity Upgrades Akamai Technologies to Buy on Improving Outlook

Canaccord Genuity raised its rating on Akamai Technologies AKAM from Hold to Buy and raised the price target from $38 to $45. Canaccord Genuity commented, "With yet another strong quarterly report and an increasingly solid outlook being driven by newer video applications, we are increasing estimates and raising our rating on Akamai to a BUY from a Hold and establishing a $45 price target (10.0x 2013E EBITDA). Although Q4/12 sequential growth will be lower than Q3/12, we note the Q3 base is also significantly higher. It would appear that management has sustainably re-ignited top-line growth while maintaining a strict focus on costs that should result in a continued improving stock price." Akamai Technologies closed at $36.11 on Wednesday.