Why Fastly Stock Crushed the Market on Monday

An analyst upgrade was the news pushing Fastly's (NYSE: FSLY) stock more than 16% higher as the last trading month of the year kicked off on Monday. That made the content delivery network (CDN) specialist quite the outperformer on the market, as the S&P 500 index only managed a 0.2% gain on the day.The person behind the upgrade was Oppenheimer's Tim Horan, who now believes Fastly is an outperform (read: buy) where previously he rated it merely a perform (hold). Horan's price target on the highly specialized tech stock is $12 per share, which is nearly 22% above its current level. According to reports, Horan's new take is based on recent developments in the CDN segment. In September, a competitor, Edgio, filed for Chapter 11 bankruptcy protection, among other restructuring measures. The analyst believes both Fastly and peer Akamai will benefit from their rival's troubles; recently, the latter won court approval to purchase about a third of Edgio's client contracts worth roughly $100 million. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool