By Christiana Sciaudone
- Shares of Akamai Technologies Inc (NASDAQ:AKAM). jumped to their highest level in 20 years after a Cowen upgrade.
Analyst Colby Synesael bumped the cloud service provider to outperform from market perform, and boosted the price target to $150 from $107, citing its underappreciated security business, the durable growth of its CDN business and a significant valuation disconnect between security and CDN comps, The Fly reported.
The stock rose more than 6% Thursday compared to Nasdaq’s 0.72% increase. Akamai has 14 buy-equivalent ratings, six holds and one underweight, according to MarketWatch. Akamai is trading at a price-to-earnings ratio of about 35.
Revenue for the first quarter came in at $764 million, an 8% increase compared to the first quarter of 2019. Cloud security solutions revenue was $240 million, up 26% year-over-year.
