BUZZ-Fastly gains after Piper Sandler upgrades to 'overweight'

Reuters04-08

** Shares of content-delivery network company Fastly

advance 4.3% to $13.08 premarket

** Brokerage Piper Sandler upgrades stock to "overweight" from "neutral"

** Says company gaining share in the content-delivery network (CDN); market favorable competitive landscape and stabilizing metrics on OTT could drive co's business sustainability

** Adds, co's new subscription packaging should help visibility

** Profitability to see upside, given top-line dynamics and conservative operating expenses assumptions - brokerage

** However, brokerage cuts PT to $16 from $19, still an upside of 27.7% on the stock's last close

** Of 12 analysts covering stock, four rate it "buy" or higher and eight "hold"; median PT at $20 - LSEG data

** Stock more than doubled in 2023, and has fallen 29% so far this year

(Reporting by Purvi Agarwal in Bengaluru)

((Purvi.Agarwal@thomsonreuters.com))

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