Fastly jumps after Oppenheimer upgrades to 'outperform'

Fastly

02/12/2024 15:58

** Shares of content-delivery network company Fastly
 FSLY.N  jump 17.9% to $9.98, hitting a seven-month high of
$10.32 earlier in the session
    ** Oppenheimer upgrades stock to "outperform" from
"perform"; price target $12
    ** FSLY should benefit from Edgio's bankruptcy at that same
time that Internet volumes and pricing are improving - brokerage
    ** Brokerage expects strong demand for FSLY's edge compute
and security products driven by new AI applications
    ** Over 75% of co's revenue is content delivery
network-related and the industry has now consolidated down to a
three player market from six in 15 months with FSLY the premium
provider- brokerage
    ** Avg. rating of 11 brokerages covering stock is "hold";
median PT is $8 - LSEG data
    ** Including session's move, stock down 43.8% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))