Benzinga - Shares of Fastly Inc (NYSE: FSLY) spiked in early trading on Monday, continuing last week’s rally.
The company has strong underlying foundations and is focusing on security and edge cloud solutions, according to BofA Securities.
The Fastly Analyst: Tal Liani upgraded the rating on Fastly from Underperform to Buy, while raising the price target from $10.50 to $16.00.
The Fastly Thesis: While the company’s near-term results could fluctuate, the stock represents value creation in the intermediate term, Liani said in the upgrade note.
Check out other analyst stock ratings.
“Fastly’s new CEO, Todd Nightingale, has taken steps to streamline the product portfolio, pricing, and other operational aspects,” the analyst wrote.
“Our positive view is based on our belief that Fastly’s core technology/network is differentiated yet needs to be sharpened; the technology could serve as a solid foundation for the other adjacent services; and we also highlight the close relationships with the company has with the developer community,” he added.
FSLY Price Action: Shares of Fastly had risen by 22.39% to $12.08 at the time of publication Monday.
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