The upgrade to Overweight suggests a positive outlook on Fastly's stock by Piper Sandler, indicating a belief in its potential for growth or recovery. However, the reduction in the price target to $16, down from $19, might reflect a tempered expectation for its short-term price performance. Overall, the upgrade is likely to be seen as a positive signal by investors, potentially leading to a short-term increase in stock price, despite the lower price target.