Limelight Networks: Brokerage initiates with 'buy' on market share opportunity

Edgio

18/09/2020 17:39

** Shares of digital content delivery co  LLNW.O  rise 9.7%
to a near one-month high of $6.42 after Truist Securities starts
coverage with "buy"
    ** Stock is on track for its best day in nearly three months
and is set to rise for a fifth straight session 
    ** Brokerage says LLNW will gradually gain share in the $9
bln Content Delivery Network (CDN) market at a time when
industry growth is accelerating 
    ** Sets PT at $9, which implies ~54% upside to stock's last
close and is in line with analysts' median PT
    ** With a recent rush of direct-to-consumer video offerings
from the three largest global media companies and others, we
believe industry growth will continue to accelerate above its
traditional ~35% - Truist 
    ** Adds LLNW's current management team has spent several
years fixing mistakes of the past and is better aligning assets
with demands of higher quality customers 
    ** Current avg rating on LLNW is "buy"  - Refinitiv data
    ** Stock is up ~57% YTD

 (Reporting by Ayanti Bera in Bengaluru)
 ((Ayanti.Bera@thomsonreuters.com; 646 223 8780 - 3401;))