Fastly price target raised to $24 from $22 at DA Davidson

DA Davidson raised the firm’s price target on Fastly to $24 from $22 but keeps a Buy rating on the shares. The stock fell sharply after Q4 results driven by weaker than expected international traffic and 2024 guide, while bracketing cons, though weaker international traffic sounds like it was isolated to traffic in a single country from a single customer, the analyst tells investors in a research note. The management’s guide also assumes no rebound in that traffic, the firm states, adding that Fastly’s new product packaging and channel efforts finally showed up in the strongest new logo adds that the company has seen in 3 years. DA Davidson believes that the stock should be bought on weakness.