Astera Labs, Inc. (ALAB) saw its stock soar 7.84% in the pre-market trading session on Tuesday, following an upgrade from Northland Securities. The semiconductor firm's shares had previously tumbled 28% amid broader market volatility.
Northland analyst Joseph Moore upgraded Astera Labs from Market Perform to Outperform, raising the price target from $100 to $120. The analyst's move comes after the recent sell-off in the stock, which is now seen as an attractive entry point. According to FactSet data, Astera Labs currently has an average rating of "overweight" from analysts, with a mean price target of $116.46.
The upgrade and higher price target from Northland signaled optimism about the company's prospects and drove the pre-market surge in Astera Labs' stock price.
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