NEW YORK (TheStreet) -- Canaccord Genuity downgraded Akamai Technologies (AKAM) - Get Akamai Technologies, Inc. Report to "hold" from "buy" on Wednesday, lowering its price target for the content delivery network (CDN) provider to $65 from $75.

Shares of Akamai were falling 18.7% to $61.44 in morning trading.

The analyst firm raised its 2015 EPS estimates for the company to $2.41 a share from $2.39 a share, and lowered its 2016 EPS estimates to $2.71 a share from $2.88.

The downgrade comes after Akamai guided below analysts' estimates for the fourth quarter. The CDN provider said it expects earnings of 60 cents to 64 cents and revenue of $557 million to $577 million for the fourth quarter. Analysts surveyed by Thomson Reuters expect the company to report earnings of 65 cents a share and revenue of $596.7 million for the fourth quarter.

"Following an in-line 3Q15 earnings report with guidance that is well below expectations on moderating traffic growth from their three largest media customers that will create the company's first year-over-year quarterly decline in the media segment since we have been tracking it, we are downgrading to HOLD from Buy and lowering our estimates to reflect the slower growth and somewhat uncertain outlook for the media segment (more than 45% of the revenues)," Canaccord analysts wrote.

TheStreet Recommends

TheStreet Ratings team rates AKAMAI TECHNOLOGIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

We rate AKAMAI TECHNOLOGIES INC (AKAM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: AKAM

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