Investors may want to keep an eye on Fastly (FSLY).
At the moment, the FSLY stock is up about 30% on a volume spike to 21.1 million shares, as compared to daily average volume of 3.04 million. All thanks to a double upgrade ahead of earnings, and an analyst note the stock could run another 62% higher.
Bank of America analysts just upgraded FSLY to a buy rating, with a price target of $16 from $10.50. While the firm does see a bumpy ride ahead for FSLY, they do see a more positive future thanks to the appointment of Todd Nightingale ass CEO. The firm added, “Nightingale has laid out a strategy that should drive revenue and expand margins and it includes changing Fastly’s pricing model, focusing on security products, and conducting other operational changes.” All of which could push FSLY into profitability by 2024.
We’ll get a better idea of what’s happening at FSLY when it posts Q4 and full-year earnings after the market closes on Wednesday. Analysts are looking for an EPS loss of 65 cents for 2022 on sales of $427.7 million.