Fastly Inc. (FSLY) PT Raised to $20 at DA Davidson Following Investor Day

DA Davidson analyst Rudy Kessinger raised the price target on Fastly Inc. (NYSE: FSLY) to $20.00 (from $17.00) while maintaining a Buy rating.

The analyst commented, "We attended FSLY's Investor Day in person in NYC, where mgmt. laid out new near & long-term targets that were nicely ahead of cons., including B/E FCF margin in CY24 vs. cons. of -4%. Mgmt. shared incremental details on how they have been able to turn GMs around over the last several qtrs. & how they plan to expand them another ~8% by CY26, new channel focus & activation initiatives, upcoming new security products, & more. We are modestly raising our Q4'23 & CY24 GM & OM ests. (rev unchanged). We remain BUY rated; PT from $17 to $20."

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