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Jefferies Ups Akamai Technologies to Buy from Hold

Jefferies upgraded Akamai Technologies (AKAM) to buy from hold, explaining that the Internet services company had a great December quarter.

Analyst Katherine Egbert says Akamai raised its 2006 revenue growth guidance to 27% to 30%. She's not surprised to see her new $27 stock price target (recently raised from $16) nearly hit already. Given that it's still early in the year, she believes investors view the guidance as conservative. She believes the company's business model provides for good visibility and stability in growth, for which investors will pay a premium. She says she'll see where the stock price settles today, and will take a look at her price target again. She ups her 40 cents 2006 earnings per share (EPS) estimate to 70 cents on $363.8 million revenue. She sees 90 cents adjusted 2007 EPS on $455 million revenue.

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