Fastly price target raised to $9 from $6 at RBC Capital

RBC Capital analyst Rishi Jaluria raised the firm’s price target on Fastly to $9 from $6 but keeps an Underperform rating on the shares. The company’s Q4 results were "solid" as margins continue to improve, but its FY23 outlook was "mixed" and its cash burn remains a concern, the analyst tells investors in a research note. Given Fastly’s "unproven" turnaround and competition risks, the risk-reward on the stock remains skewed to the downside, the firm added.