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Prudential Ups Akamai Technologies to Overweight

From Standard & Poor's Equity Research

Prudential upgraded Akamai Technologies (AKAM) to overweight from neutral, after the company posted quarterly results.

Analyst Michael Turits says $101 million second quarter revenue rose 56% year over year, $5 million above the high end of guidance. He notes this acceleration from 51% growth in the first quarter. He also says upside was driven by bandwidth use at the wide range of media and enterprise customers. He adds that Akamai saw increased operating leverage in the second quarter. He raises his 2006 revenue and EPS estimates to the high end of new guidance. He also raises his 23% 2007 revenue growth forecast to 29%. He raises his $33 stock price target to $40.

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