Akamai Technologies (AKAM) traded down -5% on Tuesday morning, after lowering its guidance for Q2 earnings.
The company changed its guidance for Q2 earnings per share to a range of $0.79 – $0.81 from $0.79 – $0.83 previously.
As well, it lowered its estimate for revenue to a range of $658 – $663 million from $658 – $670 million.
Wall Street currently estimates earnings per share of $0.80 and revenue of $665 million.
In analyzing the weekly chart for AKAM, we can see that the stock has likely started the declining phase of its current intermediate cycle.
Our projection is for the stock to reach $70 during this corrective phase. This would nonetheless be quite buillish for the stock, which in the long term remains favorable. As such, we see this as a buying opportunity.
Akamai Technologies (AKAM) Stock Chart with Weekly Bars (image)
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