Raymond James analyst Frank Louthan upgraded Fastly Inc. to Outperform from Market Perform with a $42 price target, implying 15.2 percent upside.
Louthan says that the shares are about two points off the 52-week low and 20 percent below the 50-day moving average, with a recent uptick in short interest.
However, Raymond James’ propriety tracking tool suggests another sequential uptick in traffic and that Fastly should beat the high end of its revenue outlook, Louthan adds.
This is a “recipe for near-term share price appreciation,” says the analyst.
Fastly operates a content delivery network (CDN), which enables entities to provide faster and more reliable online content.
By Anusuya Lahiri
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