Akamai Technologies (AKAM) PT Raised to $100 at RBC Capital

RBC Capital analyst Mark Mahaney raised the price target on Akamai Technologies (NASDAQ: AKAM) to $100.00 (from $92.00) while maintaining a Sector Perform rating.

The analyst comments "Akamai reported solid results, and slightly raised guidance, leading shares up 8% after-hours. Security and compute segments now contribute 2/3 of total revenue, as Delivery stabilized (but remains challenged). We were encouraged by enterprise Compute traction, but Security and 2024 revenue guidance were underwhelming. On a positive note, margins/EPS moved higher. With shares trading at ~14x CY25E P/E, we think risk/reward is balanced."

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