Analyst Upgrades: GoPro, Akamai Tech, and LogMeIn

Analysts upwardly revised their ratings on GoPro Inc (GPRO), Akamai Technologies, Inc. (AKAM), and LogMeIn Inc (LOGM)

Apr 29, 2015 at 9:28 AM

Analysts are weighing in today on wearable camera maker GoPro Inc (NASDAQ:GPRO), as well as cloud concerns Akamai Technologies, Inc. (NASDAQ:AKAM) and LogMeIn Inc (NASDAQ:LOGM). Here's a quick roundup of today's bullish brokerage notes on GPRO, AKAM, and LOGM.

GPRO is poised to pop out of the gate, after the firm posted a first-quarter earnings beat, offered up encouraging guidance, and announced the acquisition of virtual reality company Kolor. This news was met with an upgrade to "outperform" from "market perform" at Raymond James, and price-target hikes from Baird (to $63) and Doughtery (to $65). Despite what should be a big session, GoPro Inc remains a technical laggard, giving back more than half of its value since touching an early October record high of $98.47 to close Tuesday at $47.02. However, the brokerage bunch remains tilted in a bullish direction. Eight of 14 analysts tracking GPRO call it a "buy" or better, compared to five "holds" and just one "strong sell." Plus, the average 12-month price target of $63.23 represents expected upside of 34.5% to yesterday's close. Should GPRO resume its longer-term technical woes, a round of bearish brokerage attention isn't out of the question.

AKAM met expectations in the earnings confessional last night, but is feeling the heat on a weaker-than-expected current-quarter profit forecast. Specifically, the shares are 3.4% lower ahead of the bell, threatening to put a dent in their 20.8% year-to-date advance, as of Tuesday's close at $76.07. On the charts, the technical outperformer is fresh off a new 14-year high of $77.31, winning the support of the brokerage crowd. Fifteen of 21 analysts covering Akamai Technologies, Inc. consider it a "strong buy," versus six "holds" and not a single "sell." In fact, during the overnight hours, no fewer than six brokerage firms raised their price targets on AKAM, while Deutsche Bank also upgraded the stock to "buy" from "hold." The lone outlier was D.A. Davidson, which trimmed its price target to $82.

LOGM is poised to hit an all-time high out of the gate, up 11% in electronic trading after the company's standout performance on the earnings stage. Adding fuel to the fire is a round of positive analyst notes, including no fewer than seven price-target hikes and an upgrade to "strong buy" from "buy" at Needham. As alluded to, LogMeIn Inc has been a technical beast of late, hitting a record peak of $59.50 earlier this month, and sitting on a year-to-date lead of 18.8% to close yesterday at $58.62. However, there's still plenty of sideline cash available to support the stock's next leg higher. Over 13% of LOGM's float is sold short, which would take more than two weeks to buy back, at the security's average daily trading level.

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