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DJ Akamai Up-2: Analyst Sets 12-Mo Shr Price Target 175-180
By Laura Elizabeth Pohl
NEW YORK (Dow Jones)--Akamai Technologies Inc.'s (AKAM) stock recently was
up 18.9% as Chase H&Q analyst David Levy started coverage of the company
with a buy rating.
In a Wednesday morning research note, Levy compared the Internet service
provider's potential to that of companies like WorldCom Inc.'s (WCOM) UUNet,
Exodus Communications Inc. (EXDS) and Verizon Wireless, which was formed by
the combination of Bell At lantic Corp. (BEL) and Vodafone AirTouch PLC's
(VOD) U.S. wireless businesses.
"Akamai Technologies is quickly establishing itself as the leading provider
of edge content distribution services, which could position the company as
one of the core infrastructure providers for the next wave of the Internet
revolution," Levy wrote of the Cambridge, Mass., company.
Levy set a 12-month price target of $175 to $180.
Later, Levy said the company's valuations "remain subjective" but have come
down significantly from their highs. As recently as January, the company's
stock was trading above 300. Akamai shares recently traded at 111 13/16, up
17 13/16, on volume of g 5.1 million compared with a daily average 1.6
million.
Thomas Weisel director of Internet strategy David Readerman, who rates the
company at buy, agreed with Levy's assessment of Akamai. He said that in a
post-PC computing era, hosting companies are becoming much more important.
"It's really all part of the shift of where is information served and
delivered from and Akamai is at the forefront of doing that," Readerman
said.
Company officials were not immediately available to comment.
-Laura Elizabeth Pohl, Dow Jones Newswires, 201-938-5392
(END) DOW JONES NEWS 06-21-00
12:08 PM
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