Limelight Rallies; Brigantine Backs Off Sell Rating

Limelight Networks (LLNW) shares a rare winner in the tech sector today, getting a boost from Brigantine Advisors analyst Mark Kelleher, who lifted his rating on the stock to Hold from Sell on a valuation basis.

Kelleher notes that the content delivery network operator’s shares have pulled back 27% in three months - and 21% in the last month alone. With the stock trading at 6.8x EV/2009 EBITDA, he writes, the stock is now appropriately valued. That said, he remains cautious on the stock, citing competitive pressures from Akamai (AKAM) and Level 3 (LVLT).

LLNW today is up 28 cents, or 8.2%, to $3.71.