Why Fastly Stock Popped, Then Dropped on Friday
Shares of Fastly (NYSE: FSLY) jumped out of the gate Friday, climbing as much as 8.7% before the broader market decline dragged it back down. As of 2:36 p.m. ET, the stock was down about 1.4%.
The catalyst that initially sent the edge platform provider higher was an upgrade courtesy of a Wall Street analyst.
Raymond James analyst Frank Louthan upgraded Fastly stock to outperform (buy) from market perform (hold) and assigned a price target of $42. His new estimate would represent potential upside for investors of more than 15% over the coming year, compared with the stock's closing price on Thursday.
Source Fool.com