Akamai advances after Piper lifts rating to Overweight


Internet content delivery network operator Akamai (AKAM) is climbing slightly after research firm Piper Jaffray upgraded its rating on the stock to Overweight from Neutral. After Akamai's stock fell more than 10% over the last few weeks, the stock has reached an attractive entry point, Piper analyst Michael Olson wrote in a note to investors earlier today. The percentage of revenue that the company is obtaining from cloud services, which are more profitable than Akamai's older offerings, is continuing to increase, Olson wrote. Moreover, content delivery prices appear to have stabilized, and Akamai should benefit from positive trends in e-commerce and online content, Olson believes. The analyst raised his price target on the shares to $40 from $38. In mid-morning trading, Akamai gained 38c, or 1.10%, to $34.95.

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