Analyst: Too Late To Buy Akamai
Canaccord Adams analyst Mark Kelleher was on “Squawk on the Street” this morning – talking about Akamai Technologies . It’s the Nasdaq’s top performer this year – up about 150% against the index’s 10%.
Akamai owns a proprietary technology that speeds up the transfer of internet content from the provider to the end user. It’s a $9 billion company in line to general $560 million in revenue next year.
Kelleher says it’s too late to buy in to this stock. His firm has a $50 price target –and Akamai is already at $49.45. There are strong projections for 2007 – but these have already been factored into the price.