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Craig-Hallum analyst Jeff Van Rhee raised the firm's price target on Akamai to $130 from $120 and keeps a Buy rating on the shares. The analyst notes that Akamai crushed numbers" as Media surged and Security had a solid quarter. Annual guidance was reinstated above the Street, and appears to embed exceptional levels of conservatism in Q4, he adds.

Raymond James analyst Robert Majek raised the firm's price target on Akamai to $117 from $110 and keeps an Outperform rating on the shares following the company's "solid" beat and raise quarter, which was driven by sustained high traffic growth from OTT video, gaming and software downloads. The analyst estimates that the implied guidance assumes 2%-3% growth year-over-year in CDN and 18%-19% in security looking into the second half of the year.

Credit Suisse analyst Brad Zelnick raised the firm's price target on Akamai to $105 from $95 and keeps a Neutral rating on the shares. The analyst notes that Akamai reported "strong" Q2 results, which benefited from continued strength in traffic, led by gaming and OTT video. Q3 and reinstated fiscal year guidance came in above Street expectations, but imply sub-seasonal sequential growth as management balances a return to seasonal traffic patterns with the uncertainty of COVID-19 related tailwinds, he adds. Zelnick expects a strong second half of 2020 as the company should continue to benefit from delayed re-openings, scaling OTT platforms, a new gaming cycle, return of streaming events, and an e-commerce driven holiday season. That said, he believes expectations are elevated beyond the second half of 2020 and sees risks of further deceleration in cloud security as well as OTT Do-it-Yourself CDN builds.

B. Riley FBR analyst Lee Krowl raised the firm's price target on Akamai Technologies to $130 from $125 and keeps a Buy rating on the shares following the company's better than expected Q2 results. The shares traded down 2% post the results on the quarter-over-quarter revenue decline in Q3 due in part to seasonality and a download headwind, Krowl tells investors in a research note.

DA Davidson analyst Rishi Jaluria raised the firm's price target on Akamai to $130 from $115 and keeps a Buy rating on the shares. The company posted a "strong" Q2 with accelerating CDN growth due to COVID-19 related tailwinds, the analyst tells investors in a research note. Jaluria adds that Akamai's revenue from internet platform customers "surprisingly" grew 10% from last year in spite of facing a tough compare while traffic upside generated about 350bps of operating margin expansion.

RBC Capital analyst Mark Mahaney raised the firm's price target on Akamai to $105 from $94 but keeps a Sector Perform rating on the shares. The analyst is citing the company's Q2 earnings beat, with multi-year high rate of revenue growth and a record high EBITDA margin driven by "very strong" Web traffic growth, "robust" Cloud Security growth, and operating expense efficiency. Akamai's Q2 fundamental trends were "impressive", but the stock has already surged about 30% year-to-date to reflect the reported "inflection-like" quarter, Mahaney adds.