Craig-Hallum upgrades Fastly to Buy, sees return of ‘beat/raise mode’

Craig-Hallum analyst Jeff Van Rhee upgraded Fastly to Buy from Hold with a price target of $17, up from $9, after the company reported a quarterly top- and bottom-line beat and gave FY23 guidance that was above the Street forecast at the mid-point. The business feels as though it is "settling into a more predictable/manageable growth path" after several years of disruption, said the firm, which views Fastly as likely to resume a "beat/raise mode," thinks shares have bottomed and believes they will likely rise as the year progresses.