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Fly News Breaks for March 29, 2018
AKAM
Mar 29, 2018 | 07:48 EDT
Morgan Stanley analyst Keith Weiss resumed Akamai with an Equal Weight rating, up from the firm's prior Underweight rating. After a period of declining margins, he sees signs of stability, noting that following the involvement of activist Elliott Management the company has announced a 5% workforce reduction and new shareholder value initiatives. Also, the contribution from Akamai's top 6 Media customers looks to have stabilized after two years of steep declines and his customer survey indicating a more defensible core base, Weiss tells investors. He set a $75 price target on Akamai shares.
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