NET, AKAM, and FSLY all scored bull notes this morning
Cloud companies are shining today, after a slew of analyst attention. Cloudflare Inc (NYSE:NET) stock scored an upgrade from Morgan Stanley to “overweight” from “equal weight” earlier, as well as a price-target hike to $130 from $92. The firm called the company “one of the most compelling secular stories” within the sector and added it could sustain revenue growth in the years ahead. Oppenheimer upgraded peers Akamai Technologies, Inc. (NASDAQ:AKAM) and Fastly Inc (NYSE:FSLY) to “outperform” from “perform.”
NET was last seen up 6.2% to trade at $106.04 — its highest level since February. The 40-day moving average provided support throughout November, and now the stock is looking to consolidate above the $100 level, which rejected rallies last month and in October. For 2024, shares sport a 27.8% lead.
AKAM is up 4.7% at $98.46 at last glance, on track for a third-straight gain. The shares are bouncing off their Nov. 19, 52-week lows at $84.70, and are testing their 50-day moving average, a trendline breached after a 14.8% post-earnings bear gap on Nov. 8. So far this year, the stock shed 17.2%.
Last seen up 18.4% at $10.08, FSLY is pacing for its fourth gain in the last five sessions. After a lengthy consolidation around $8, the equity is now trading at its highest level since a 30% post-earnings bear gap in May. In the last 12 months, the shares shed over 44%.