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Akamai Rises to Hit 20-Year High After Cowen Upgrade

·1 min read

By Christiana Sciaudone

Investing.com -- 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.

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