Fastly Shares Surge After Oppenheimer Upgrade to Outperform

Fastly shares increased 6.2% in pre-market trading on October 9, 2026, following a rating upgrade from Oppenheimer. The investment firm raised the edge cloud platform provider's rating from Perform to Outperform and established a price target of $35, an increase from the previous close of $25.29.

Oppenheimer based its bullish outlook on the monetization of AI-generated traffic and rising contract values. This upgrade follows a period of growth for the company, including record Q2 2026 revenue of $183.3 million, which represented a 23% year-over-year increase. In September, the company expanded its offerings with the launch of AI Runtime Control and AI Firewall products.

The stock rally coincided with a broader market advance across the Dow, S&P 500, and NASDAQ. This general upward trend was supported by reports indicating that AI bots and agents now account for the majority of global web traffic.