Akamai price target lowered to $125 from $145 at BofA

BofA analyst Madeline Brooks lowered the firm’s price target on Akamai to $125 from $145 and keeps a Buy rating on the shares. Q1 revenue “only slightly missed” the Street’s forecast, but delivery declined 11% year-over-year and management implicitly guided calendar 2024 delivery to decline 14%, versus 10% previously and 6% Street expectations, the analyst tells investors. .While headwinds to the delivery market are expected to weigh on Akamai’s growth for the remainder of 2024, the firm believes the underlying fundamentals remain solid and point to strength in new areas like compute and security in reiterating its Buy rating.