J.P. Morgan Slashes PT For Akamai Technologies (AKAM)

J.P. Morgan slashed its price target for Akamai Technologies (NASDAQ: AKAM) to $40.00 in a report published today, from the previous level of $49.

Akamai managed to beat analysts' Q1 earnings per share estimates by $0.02. In the report, however, J.P. Morgan stressed that “the commentary about moderating volumes into 2Q11 on top of last quarter's price adjustments on their top 8 out of 10 media customers is providing a muted outlook for 2Q11.” J. P. Morgan currently has a Neutral rating on Akamai's shares. On Wednesday, Akamai's shares closed at $40.98, nearly $1 above the new target price.