As previously reported, Oppenheimer upgraded Fastly to Outperform from Perform with a $12 price target. Akamai (AKAM) recently received court approval for the purchase of about one-third of Edgio’s customer contracts, or about $100M, and the firm expects Fastly (FSLY) to capture $40M of revenue, the analyst tells investors. Following the shutdown of Edgio, the Content Delivery Network space has consolidated to three players from six previously, removing another price competitor and making CDN a “more attractive market,” the analyst tells investors. Fastly should benefit from Edgio’s bankruptcy at that same time that Internet volumes and pricing are improving, the analyst added.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on FSLY:
- Fastly upgraded to Outperform from Perform at Oppenheimer
- Unusually active option classes on open November 22nd
- Oppenheimer sees Fastly as biggest beneficiary of shutting down of Edgio
- Fastly price target raised to $8 from $6 at Craig-Hallum
- Fastly price target raised to $7.50 from $5.50 at DA Davidson
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
