Fastly, Inc's (NYSE:FSLY) price target was raised to $20 at Craig-Hallum in a note to clients Friday, with analysts maintaining a Buy rating on the stock.
The move follows Fastly's analyst day on Thursday, with the analysts stating that the message "was one of learning from recent mistakes, improved execution and an updated target model."
"CEO Todd Nightingale painted a picture of laser focus on core products ("we don't compete in areas we don't have a right to win") and efficiency of operations, with efficiencies to be realized by unification of the underlying tech stack and simplification of the GTM," the analysts wrote.
"Over the past year and a half, we have seen the company get a finer grip on the business and forward modeling," they added.
The analysts believe that Fastly's execution and operational excellence are making solid strides, and the company has redoubled focus on technological excellence as well.
"In sum, we upgraded shares in Feb '23 on the belief they had put in a bottom. We continue to believe shares will work higher as estimates appear to have notable upward bias," they concluded.