DA Davidson Upgrades Fastly Inc. (FSLY) to Buy, 'New CEO Righting Ship'

DA Davidson analyst Rudy Kessinger upgraded Fastly Inc. (NYSE: FSLY) from Neutral to Buy with a price target of $17.00 (from $8.50).

The analyst comments "Q4 results beat all around, and importantly, GMs were ahead of expectations for the second straight qtr. The CY23 guide was ahead as well, calling for 16% top-line growth, GMs to exit the year “within striking distance” of 60%, & ~770bps of OM improvement. New CEO Todd Nightingale has only been at the helm for ~5.5 months, but he has brought a renewed focus on operational rigor, capital efficiency, & streamlined product packaging / GTM efforts. Shares likely need to cool off near-term following an 85% run over the last 1.5 months, but we see them set up to outperform over the next 12-18 months. Upgrading to BUY; raising PT from $8.50 to $17."

For an analyst ratings summary and ratings history on Fastly Inc. click here. For more ratings news on Fastly Inc. click here.

Shares of Fastly Inc. closed at $13.87 yesterday.

You May Also Be Interested In

• Northland Upgrades Astera Labs (ALAB) to Outperform, 'Right Time, Customers, and Products'
• Australia & New Zealand Banking Group (ANZ:AU) (ANZBY) PT Raised to AUD33.50 at Macquarie
• Transurban Group (TCL:AU) (TRAUF) PT Lowered to AUD13.50 at Macquarie