Oppenheimer initiated coverage of Akamai Technologies (NASDAQ: AKAM) with an Outperform rating and a price target of $100, citing strong growth potential in the company's security and compute infrastructure businesses.

The firm said it saw significant upside for Akamai as it continues to diversify beyond its traditional content delivery network (CDN) operations. While remaining cautious about the investment thesis that industry consolidation will necessarily improve CDN pricing, Oppenheimer noted that Akamai's expansion into security and cloud computing presented meaningful opportunities for higher revenue growth.

The analysts projected that the company's focus on newer technology trends—such as AI inferencing within cloud computing and API security within cybersecurity—could lift top-line growth to the high single digits. They added that these initiatives position Akamai to benefit from accelerating enterprise digital transformation spending.