RTTNews | Jan 7, 2022 11:08AM EST

11:08 Friday, January 7, 2022 (RTTNews.com) - A California-based tech company, Fastly, Inc. (FSLY) is trading 5% higher on the market after Morgan Stanley analysts projected 2022 to be the "transition year" for the company.

Sanjit Singh of Morgan Stanley firm set the target price for the stock at $43 per share in 2022. The analyst said, "We see 2022 as a transition year as Fastly invests to realize the opportunity. After being an early beneficiary of the shift to remote work and the spike in the consumption of online services during the pandemic, growth has come under pressure in 2021. Tougher YoY compares, churn of a large customer and a brief, but impactful, network outage are the main contributors to the top-line slowdown."

The stock is currently trading at $33.42, up $1.65 or 5.19% since the previous close at $31.77. The stock opened at $31.66 in the morning and in the 52-week period, the shares have ranged between $30.70 and $122.75 per share.

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