Wall Street Zen downgraded Akamai Technologies from hold to sell on Saturday, one day after the company announced an agreement with AI firm Anthropic. The seven-year agreement commits Anthropic to spend $11.6 billion on Akamai’s cloud infrastructure. The total could rise to approximately $20 billion.
The deal prompted several analyst updates on Friday. Piper Sandler, Bank of America and Morgan Stanley reiterated positive outlooks and raised their price targets, citing the agreement’s potential to accelerate Akamai’s revenue growth. Wall Street Zen’s downgrade was a counterpoint to the largely bullish reaction, which sent Akamai shares surging.