Shares of Akamai Technologies have jumped more than 3% higher today following a positive brokerage note. AmTech Research initiated coverage of AKAM with a buy rating earlier in the session. Over at, Brent Archer noted that If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on AKAM.

Archer goes on to recommend a January bull credit spread for AKAM, and looking at the stock's sentiment backdrop, this might be a good idea. First, short interest accounts for nearly 7% of the stock's total float, providing potential fuel for a short-covering rally. Second, 9 of the 16 analysts covering AKAM rate it a hold or worse. Should more analysts follow AmTech's lead, the shares are poised to reap the rewards.

However, there are risks involved. Namely, the stock still has long-term resistance at the 40 level, which is also the site of AKAM's bear gap lower on July 26. Furthermore, the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.55 ranks below 84% of all those taken during the past year. This overhead resistance and lingering optimism could prove troublesome for the security going forward. Still, the credit spread option doesn't leave you hanging out to dry like a straight call buy, so some of this risk could be mitigated with such a strategy.