Astera Labs, Inc. (ALAB) saw its stock soar 5.28% in Tuesday's intraday trading session, following an analyst upgrade and increased price target that boosted investor sentiment towards the semiconductor company.
Northland Securities analyst Joseph Moore upgraded Astera Labs from Market Perform to Outperform, raising the firm's price target on the stock from $100 to $120. The upgrade came after a recent sell-off in ALAB shares, with Moore viewing the lower stock price as an attractive entry point for investors.
The analyst's move signaled optimism about Astera Labs' prospects, driving the surge in the company's stock price. According to FactSet data, ALAB currently holds an average "overweight" rating from analysts, with a mean price target of $116.46, suggesting potential for further upside.
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