Limelight Networks Stock Gains After Bullish Rating From Craig-Hallum

Craig-Hallum analyst Jeff Van Rhee upgraded Limelight Networks Inc LLNW to Buy from Hold with a price target of $4.00, up from $3.50, implying a 43% upside.
Van Rhee sees the current valuation and sentiment as reflecting near-peak or peak pessimism and finds recent numbers more credible than is implied in shares, Van Rhee notes.
Additionally, he believes that the base business has been stabilized and is increasingly convinced in the logic of the move to pivot into the AppOpps space.
Limelight Networks provides a content delivery network and value-added services that help content owners improve streaming quality, download speeds, and advertising capabilities.
In July, Limelight Networks reported Q2 revenue of $48.3 million, down 17% year-on-year, below the consensus of $52.1 million. EPS loss of $(0.06) missed consensus loss of $(0.03).
Limelight Networks sees Q3 revenue of $220 million - $230 million versus the consensus of $221.1 million. It sees Q3 EPS loss of $(0.15) - $(0.05) versus consensus loss of $(0.10)
Price Action: LLNW shares traded higher by 11.9% at $2.83 on the last check Friday.