Fastly Jumps 15.9% After Oppenheimer Upgrades It to Outperform With a $35 Target

FSLY closed up 15.86% at $29.30 on Friday, Oct 9, 2026, after Oppenheimer analyst Param Singh upgraded the edge cloud company to Outperform from Perform and set a $35 price target. The shares traded between $26.54 and $30.19, and intraday readings during the session showed gains of about 17% to 19% before the close.

Singh's case rests on industry checks showing growing contract values as customers cross-buy Fastly's newer security products, and on agentic AI traffic that picked up in the third quarter, according to Investing.com. He frames valuation on enterprise value to sales: Fastly trades at 5.2x EV/CY27 sales versus 10.6x for its industry, and the $35 target implies about 7x. Peers rose as well: 24/7 Wall St's headline had DDOG up 4% and NET up 2%, and they closed up 7.1% and 5.6%.

A Yahoo Finance piece by Simply Wall St credited Fastly's 13.5% gain to Comcast tapping its edge platform for Peacock. That figure matches the Oct 2 to Oct 9 move ($25.81 to $29.30) rather than the one-day jump, and the Comcast tie-up was announced Sept 28, according to Light Reading. Under that deal, Fastly's delivery software runs on Comcast's network of more than 200 edge compute centers for Peacock live sports; no financial terms were disclosed. None of the Oct 9 upgrade coverage mentions Comcast.

Zacks argues Fastly's edge infrastructure suits low-latency agentic AI workloads and cites consensus estimates of 71.43% quarterly earnings growth and 307.69% for full-year 2026. These are consensus forecasts, not reported results, and Zacks' suggestion that Meta's Muse platform may use Fastly is explicitly hedged.

The next test is third-quarter earnings, scheduled for Wednesday, Nov 4 after the close, per Yahoo Finance/Tikr. Singh expects revenue at the high end of the $184-190M guidance range and a modest full-year raise; investors may also watch whether AI Runtime, AI Firewall and API Enforcement, generally available since September, show up in revenue. The stock fell 10% on Sept 24 after a Citi note, a reminder of how quickly sentiment on the name can swing.