Akamai price target lowered to $80 from $100 at BofA

BofA lowered the firm’s price target on Akamai (AKAM) to $80 from $100 and keeps a Neutral rating on the shares. The networking and cybersecurity sectors continue to benefit from strong momentum and fundamentals across networking remain healthy while cybersecurity demand is supported by growing enterprise security budgets and continued technology evolution, the analyst tells investors. Though valuation is “a long-term concern,” the firm expects sentiment should continue to support strong momentum in the intermediate term and it updates its price targets “accordingly.”