Akamai price target lowered to $112 from $115 at Scotiabank

Scotiabank lowered the firm’s price target on Akamai (AKAM) to $112 from $115 and keeps an Outperform rating on the shares. While there were some “bright spots” to the company’s Q3 results, there were also several areas that were a letdown, the analyst tells investors. The company’s content delivery segment was disappointing and drove a cut to FY24 guidance, Scotiabank notes. Meanwhile, performance in Security and Edge Compute was robust, with updated targets implying continued momentum, the firm adds.