Oppenheimer initiates Fastly with a Perform, says early wins need to persist

As previously reported, Oppenheimer initiated coverage of Fastly (FSLY) with a Perform rating. While Fastly did show some success these past two quarters, including an acceleration in security revenue, the firm sees these as early wins that need to persist. In addition, the core CDN business continues to face pricing pressure at high-teens decline year-over-year. As such, despite its positive view of recent operational improvements, Oppenheimer remains on the sidelines until it sees a strong continuation in stride.