** Akamai dips about 1 pct premarket after KeyBanc says a takeout is unlikely and cuts to "underweight from "sector weight"
** Akamai, already under pressure from activist investor Elliott Management, is working with MS on a strategic review, incl a sale, Bloomberg said Tuesday
** While those two factors raise the likelihood of a deal, AKAM's "current elevated valuation, deteriorating fundamental profile, and less expensive alternative assets available, makes a takeout as unlikely," analyst Brandon Nispel writes
** Nispel notes though that the company review and Elliott pressure would a "dearly needed" focus on removing costs
** KeyBanc's $51 PT is 2nd lowest on Wall St and 23 pct below AKAM's Weds close
** AKAM has gained nearly 15 pct since Elliott disclosed its stake in the company in mid Dec (Reporting by Arjun Panchadar in Bengaluru)