Citi upgraded Fastly to Neutral from Sell with a price target of $20, up from $11. The analyst cites a normalizing traffic volume environment and concurrent improvements in pricing dynamics for the upgrade. Fastly also has a demonstrable track record of execution stability, the analyst tells investors in a research note. The firm says the company’s new-ish CEO has a clearer product vision and “crisper portfolio/packaging strategy,” which should sustain balanced execution.
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