A BofA Securities analyst turned bullish on Fastly, upgrading shares to Buy on optimism about the company’s recently appointed CEO. The cloud computing company’s stock surged as a result.

Tal Liani, BofA Securities analyst, boosted his rating on Fastly stock (ticker:

FSLY

) from Underperform to Buy on Monday and raised his price target to $16 from $10.50, implying a 62% gain from Friday’s close of $9.87. Shares were up more than 26% to $12.46 after markets opened on Monday.