Fastly’s stock is on pace for its biggest percentage gain since 2020, as analysts cite overhaul under new CEO
Shares of Fastly Inc. were on pace for their biggest percentage gain in nearly three years, after BofA analysts on Monday upgraded the stock and said that turnaround efforts under the cloud-software provider’s new chief executive could make the company profitable next year.
“We are positive on the implications of the turnaround efforts and managerial changes and note low expectations and poor investor sentiments, which could be a positive for the stock if the turnaround efforts succeed,” the analysts said in a research note on Monday. In the company’s third-quarter earnings, Nightingale outlined a new strategy under which Fastly would expand more into security, cut costs, change pricing and invest more in edge computing.
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