C - Why Fastly Stock Popped Today
2024-01-23 02:50:05 ET
Shares of Fastly (NYSE: FSLY) rose 8.3% on Monday, after an analyst at Citigroup (NYSE: C) upgraded shares of the leading cloud-computing services stock.
In a note to clients Monday, Citi analyst Fatima Boolani upgraded its rating on Fastly to neutral from sell and significantly raised the firm's per-share price target on the stock to $20 from $11. Fastly closed the day at $20.32 per share.
To justify her relative bullishness, Boolani pointed to Fastly's improved "track record of credibility-rehabilitation under new-ish CEO [Todd] Nightingale, whose product vision and crisper portfolio/packaging strategy should sustained balanced execution."
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Why Fastly Stock Popped Today