Akamai upgraded to Overweight on recent selloff at Piper Sandler

Piper Sandler last night upgraded Akamai Technologies to Overweight from Neutral with an unchanged price target of $93. The recent pullback in shares presents an opportunity to "own this contrarian name into this earnings," the analyst tells investors in a research note. The firm says investor pushback to management will likely force a pullback in Akamai’s capex investments and a margin refocus. In addition, Piper’s revenue performance obligation analysis points to potential revenue upside versus its above consensus estimates. It sees a favorable risk/reward from current levels.