Akamai Technologies rises as Guggenheim turns bullish
** Akamai Technologies' AKAM.O shares up ~1% at $97.90 early Mon after Guggenheim upgrades to "buy" from "neutral"
** Brokerage sets PT at $128, implying 32% upside to stock's Fri close
** AKAM set up to transform itself to a platform, and can leverage leadership position in content delivery network (CDN) business to deliver security and cloud solutions, Guggenheim analyst team led by John DiFucci said in note
** CDN technology foundational to both security and cloud, which should improve characteristics such as gross retention, price stability, and therefore, value of the aggregate total business, Guggenheim wrote
** Now, 15 of 24 analysts covering AKAM rate stock "strong buy" or "buy", 8 have "hold", while 1 recommends "sell", per LSEG
** Median PT of $115 down from $133.50 on Apr 29
** With move on Mon, AKAM shares down 17% YTD vs Nasdaq's .IXIC 17% advance
** In contrast, Guggenheim downgrades cybersecurity firm Fortinet FTNT.O to "neutral", saying it was "too early" in its upgrade last Aug given that co has missed or lowered its numbers in each qtr it reported results since then
** FTNT shares on Mon up 0.7% at $57.40
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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