NEW YORK (

TheStreet

) --

Akamai

(AKAM) - Get Report

gains more fans on its way up.

Merriman Curran analyst Richard Fetyko upgraded the stock to buy in a research note Wednesday citing market share stability and the ever-rising tide of Internet traffic.

The Cambridge, Mass. Internet freight hauler -- or content delivery network operator -- has seen its shares rise more than 8% this year amid a period when tech investors were selling heavily.

Fetyko says the price war among Net delivery shops has reached a truce, and that competitors like

Level 3

(LVLT)

,

Global Crossing

(GLBC)

and

AT&T

(T) - Get Report

have not had success cutting into Akamai's business.

Akamai also managed to bid low enough to win a contract with

Netflix

(NFLX) - Get Report

, as the video rental company moves toward online delivery, says Fetyko. The Netflix win illustrates how it may be possible for Internet traffic gains to more-than offset the pace of price cuts by Akamai.

The bullish scenario remains the same for Akamai: The Internet is growing.

Or as Fetyko puts it: "More web-connected devices like the (

Apple

(AAPL) - Get Report

) iPad, mobile devices, IPTV, and HD content will continue to drive volumes up dramatically in the next two-three years.

Akamai shares were up 2% to $27.92 in premarket trading Wednesday.

-- Written by Scott Moritz in New York.

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