Here's How Fastly Stock Gained 25.2% in January
Shares of Fastly (NYSE: FSLY) rose 25.2% in January, according to data from S&P Global Market Intelligence. For the most part, the content delivery and edge computing company's surge hinged on a single rosy analyst report.
Analyst firm Oppenheimer got the party started when it upgraded the stock from perform to outperform, setting a price target of $125 per share. Analyst Tim Horan said his channel checks showed record-high network traffic and high interest in the company's latest edge computing services. In Horan's view, this stock deserves to trade at price-to-book ratios on the same level as sector rival Cloudflare (NYSE: NET), leaving room for a 50% gain before reaching that parity. Fastly's stock gained more than 7% on Jan. 21, kicking off a mini-rally that carried the stock higher for the remainder of the month.
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Source Fool.com
