Raymond James analyst Frank Louthan upgraded Fastly Inc FSLY to Outperform from Market Perform with a $42 price target, implying 15.2% upside.
- Louthan says that the shares are about two points off the 52-week low and 20% 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.
- Price Action: FSLY shares traded higher by 4.31% at $38.02 in the premarket session on the last check Friday.
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