Edgio price target lowered to $7 from $8.50 at DA Davidson

DA Davidson lowered the firm’s price target on Edgio to $7 from $8.50 and keeps a Neutral rating on the shares. The company preliminary Q4 revenue outlook on Friday was below consensus and guidance and its cash on hand is also “much lower than expected”, the analyst tells investors in a research note. The firm adds that it continues to lack any confidence that Edgio can turn the business around and drive profitable growth.