Stakes were raised significantly ahead of Fastly Inc (NYSE:FSLY)'s upcoming financial results as its shares spiked 25% higher on Monday.
The cloud computing group reports its fourth quarter and full-year results on Wednesday, 15 February, and today its shares were changing hands at US$12.50 a share, up 26%.
It comes as Bank of America (BoA) today upgraded its view for the stock to ‘Buy’ from ‘Sell’ and hiked its price target to US$16.00 per share from US$10.50.
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Whilst Fastly’s short-term results could fluctuate, analysts at BoA reckon the group’s foundations are "solid".
Attentions are on new chief executive Todd Nightingale following his appointment in September and the subsequent launch of a strategic review which aims to restructure and streamline the group.
It pitches Fastly as a turnaround story in the wake of its tough recent past in the market – it is down some 55% in the past year, and off more than 90% from its mid-pandemic peak.