Fastly gains after Piper Sandler upgrades to 'overweight'

Fastly

08/04/2024 13:55

** Shares of content-delivery network company Fastly
 FSLY.N  advance 4.3% to $13.08 premarket
    ** Brokerage Piper Sandler upgrades stock to "overweight"
from "neutral"
    ** Says company gaining share in the content-delivery
network (CDN); market favorable competitive landscape and
stabilizing metrics on OTT could drive co's business
sustainability  
    ** Adds, co's new subscription packaging should help
visibility
    ** Profitability to see upside, given top-line dynamics and
conservative operating expenses assumptions - brokerage
    ** However, brokerage cuts PT to $16 from $19, still an
upside of 27.7% on the stock's last close 
    ** Of 12 analysts covering stock, four rate it "buy" or
higher and eight "hold"; median PT at $20 - LSEG data 
    ** Stock more than doubled in 2023, and has fallen 29% so
far this year 
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))