Citi cuts Akamai target, opens ‘positive catalyst watch’

Citi analyst Fatima Boolani lowered the firm’s price target on Akamai to $117 from $140 and keeps a Neutral rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The stock has “been abandoned,” but Citi sees “reinvigoration potential on apathetic sentiment off an inline print,” the analyst tells investors in a research note. The firm expects second half of 2024 security upside and gradual recognition that delivery is proportionately shrinking, all against the stock’s current 7% earnings, free cash flow yield.