Pacific Crest Reiterates Overweight on Akamai Technologies, Inc. (AKAM) Despite Data Miss
Pacific Crest analyst Michael Bowen weighed in on Akamai Technologies, Inc. (NASDAQ:AKAM) following a negative outlook from the company’s data tracker.
The analyst explains that media traffic was down 23.8% in June, prompting the analyst to employ a conservative outlook on the stock. Just a year ago, AKAM saw a media traffic increase of 47.6%. Despite the decrease in traffic, the analyst believes that valuation, buyback and free cash flow generation should continue to support the stock.
The analyst concedes that consensus estimates are more bullish than his, but the analyst reiterates his Overweight rating for AKAM with a price target of $71.00.
Rhe consensus price target for AKAM is $61.75, marking a 9.62% upside from current levels.