fastly-cloud-computing-traffic-bumped-higher-that-should-boost-the-stock.

Fastly Cloud Computing Traffic Bumped Higher. That Should Boost the Stock.

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Fastly FSLY-NYSE
Strong Buy • Price $11.60 on July 13
by Raymond James
We maintain our Strong Buy rating ahead of second-quarter results. Our proprietary tracking tool is once again predicting that Fastly’s quarterly revenue will beat guidance. While May traffic trends were in line directionally with our assumptions, the June traffic data came in notably stronger than we anticipated. Fastly [whose cloud-based platform enables developers to create, secure, and run applications and websites] trades around four times our new 2023 estimated enterprise value/revenue estimate, a premium to its peers’ about three times. We maintain our $35 price target, which is based on around 10 times our 2023 EV/revenue multiple, versus the company’s 200-day moving average of about eight times.

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