Piper Sandler upgraded Fastly to Overweight from Neutral with a price target of $16, down from $19. The analyst cites valuation for the upgrade following the stock’s 30% year-tp-date pullback. The firm sees “multiple upside levers” across Fastly’s content delivery network business following the Q4 reset as well as a favorable competitive landscape, with competitors’ exits driving opportunities and better pricing. In addition, the company’s new business strength is creating 2024 tailwinds, the analyst tells investors in a research note.
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