Fastly downgraded to Market Perform from Strong Buy at Raymond James

Raymond James double downgraded Fastly to Market Perform from Strong Buy without a price target The firm cites valuation for the downgrade, saying the shares have recovered and are now close to its previous $8 price target There are now better opportunities for upside elsewhere, particularly data centers and larger carriers, the analyst tells investors in a research note. Raymond James believes the sale of StackPath and the recent bankruptcy reorganization of a competitor offer opportunity for Fastly, but says the near term impact is less clear and likely gets spread around to other providers as well.