Akamai price target lowered to $105 from $137 at Cowen

Cowen analyst Michael Elias lowered the firm’s price target on Akamai to $105 from $137 and keeps an Outperform rating on the shares. The analyst said we are incrementally cautious on Akamai given decelerating Security growth and the near-term capex intensity of Compute. Furthermore we expect the stock to be largely range-bound in the near-term as the narrative transitions from Security-centric to a Compute-centric growth story.