Fastly, Inc. (NASDAQ: FSLY) stock is edging lower in Monday's premarket trading after surging 15.86% on Friday, following a bullish analyst upgrade driven by improving growth prospects and artificial intelligence opportunities.

Oppenheimer Sees Growth Potential

On Friday, Oppenheimer analyst Param Singh upgraded Fastly from Perform to Outperform and announced a $35 price forecast.

The analyst cited improving growth prospects, supported by larger customer contracts, stronger demand for security products and early efforts to monetize agentic AI traffic.

Earnings In Focus

Fastly is scheduled to report quarterly earnings on Nov. 4, 2026.

Analysts expect earnings of 12 cents per share, compared with 7 cents a year earlier. Revenue is projected to reach $187.70 million, up from $158.22 million.

The stock carries a consensus Buy rating and an average analyst price forecast of $28.70. Recent analyst actions include:

• Oppenheimer: Upgraded Fastly to Outperform from Perform with a $35 price forecast on Oct. 9.
• DA Davidson: Maintained a Neutral rating with a $23 price forecast on Sept. 24.
• Freedom Broker: Maintained a Buy rating and raised its price forecast to $37 on Sept. 23.

The iShares U.S. Digital Infrastructure and Real Estate ETF (NYSE: IDGT) holds a 5.90% portfolio weighting in Fastly, providing investors with indirect exposure to the company.

Technical Analysis

Fastly remains in an uptrend, trading above its 20-day, 50-day, 100-day and 200-day simple moving averages.

The 20-day average stands at $25.78, while the 50-day average is $24.85. The 100-day and 200-day averages are $21.81 and $20.36, respectively.

Moreover, the moving average convergence divergence indicator, or MACD, remains above its signal line. This suggests positive momentum.

Traders are watching resistance near $31 and support around $24.50.

The stock's 52-week range stands between $7.74 and $34.82.

FSLY Price Action

FSLY Price Action: Fastly shares were down 0.38% at $29.19 during premarket trading on Monday, according to market data.