Fastly price target raised to $12 from $9 at Morgan Stanley

Morgan Stanley analyst Sanjit Singh raised the firm’s price target on Fastly to $12 from $9 and keeps an Underweight rating on the shares. Gross margins having improved for the second quarter in a row is "a nice positive" and revenue growth has proved resilient, but 2023 guidance that implies an acceleration following Q1 "may be aggressive" given the current macro environment, the analyst tells investors.