Fastly

FSLY · NASDAQ

$22.07−$0.92 (−4.00%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $22.99

FSLY analyst rating

HoldConsensus of 9 analysts over the last 12 months. 44% rate it a buy.

Strong buy0
Buy4
Hold4
Underperform1
Sell0

12-month price target · 12 analysts

Average $28.46 (+28.9% upside)

Low: $22.22
Now: $22.07
High: $38.85

Upgrades and downgrades

The latest rating actions, newest first

FSLY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Oppenheimer	Oct 9, 2026	Upgrade	Perform → Outperform	$35.00	59%
DA Davidson	Sep 24, 2026	Maintains	Neutral	$23.00	61%
Freedom Broker	Sep 23, 2026	Maintains	Buy	$32.00 → $37.00	53%
DA Davidson	Sep 23, 2026	Maintains	Neutral	$21.00 → $23.00	61%
B of A Securities	Sep 23, 2026	Maintains	Underperform	$20.00 → $22.00	60%
RBC Capital	Aug 6, 2026	Maintains	Sector Perform	$22.00 → $28.00	51%
Piper Sandler	Aug 6, 2026	Maintains	Neutral	$27.00 → $28.00	51%
Keybanc	Aug 6, 2026	Maintains	Overweight	$27.00 → $30.00	63%
Freedom Broker	Jul 17, 2026	Initiates	Buy	$27.00	53%
Canaccord Genuity	Jul 17, 2026	Initiates	Buy	$27.00	53%

The case for and against

Updated Oct 16, 2026

Bull case

Fastly is benefiting from a powerful mix of accelerating AI-driven traffic and broader platform adoption, with management citing an 11x increase in MCP requests in Sep'26 versus Jan '26 and AI requests growing 6.5x faster than human requests on the network. Its security business is a major fundamental lever, as Bot Management and DDoS Protection are each growing 100%+ year over year, security revenue grew 42.6% to $41.7M, and 72% of $100K+ customers now use 2+ product suites while 30% use 4+. Profitability is also improving sharply, with 2Q26 revenue up 23.3% to $183.3M, non-GAAP EBIT margin expanding to 14.7%, and guidance for FY26 revenue and EBIT both raised, supporting a constructive long-term outlook.

Bear case

Fastly is pressured by intense competition, especially from Akamai, in a CDN market that has long experienced price compression, which limits pricing power and makes durable margin expansion difficult. The company is also unprofitable and is not expected to turn profitable in the near term, while risks to free cash flow and operating margin expansion, plus slower-than-expected growth in security, compute, and other products, could further weaken its financial profile. Additional fundamental concerns include international exposure of roughly 25-30% of revenue and customer concentration, with the top 10 customers contributing more than 35% of total revenue, increasing volatility and execution risk.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.