Akamai Technologies (AKAM) Target Boosted at Canaccord Genuity

Canaccord Genuity analyst Greg Miller reiterated a Buy rating on Akamai Technologies (NASDAQ: AKAM) and boosted his price target from $63 to $68 following the company's annual investor day.

Miller said, "Akamai hosted its annual investor day on Tuesday, reiterating some of the common themes that continue to support our long-held BUY-rated thesis. With overall Internet traffic growth continuing to accelerate and with the likely traction of newer lines of business like carrier services or the security business, we believe top-line revenue growth will continue at the mid- to high-teens range with the potential for continued margin expansion over time."

Mr. Miller added "With two stellar quarters behind us at a very controversial time for the company and with Q1/14 guidance that far exceeded expectations, we continue to recommend the shares. With increasing confidence in the outlook, we increase our target to $68..."

For an analyst ratings summary and ratings history on Akamai Technologies click here. For more ratings news on Akamai Technologies click here.

Shares of Akamai Technologies closed at $57.86 yesterday.

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