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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FSLY:
- Fastly Inc put volume heavy and directionally bearish
- Fastly price target lowered to $18 from $28 at BofA
- Fastly ‘overreaction’ to Q4 a buying opportunity, says Raymond James
- After Sharp Decline, What to Make of Fastly Stock (NYSE:FSLY) at These Levels
- Unusually active option classes on open February 16th