Shares of edge cloud company Fastly (NYSE: FSLY) skyrocketed on Monday after a prominent analyst turned bullish on the company ahead of its fourth-quarter financial report. As of 12:15 p.m. ET, Fastly stock was up 26% and is now up more than 50% year to date.

Bank of America analyst Tal Liani previously believed Fastly stock would underperform the market. It's common for Wall Street analysts to change their opinions, but such changes typically come in small increments. By contrast, on Monday, Liani jumped right past a neutral outlook and straight to a buy recommendation, according to The Fly -- a "double upgrade."

Liani also raised his price target for Fastly stock from $10.50 per share to $16 per share, according to Benzinga. This implies about 28% more upside for Fastly from where it trades as of this writing. And this bullish outlook has the market quite excited.

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Source Fool.com