Astera Labs, Inc., the Technology sector company, was revisited by a Wall Street analyst today. Analyst Quinn Bolton from Needham maintained a Buy rating on the stock and has a $220.00 price target.
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Quinn Bolton has given his Buy rating due to a combination of factors highlighting Astera Labs, Inc.’s strong performance and promising future prospects. The company has demonstrated significant growth across its product lines, including the Scorpio, Aries, and Taurus families, which has led to a notable increase in revenue.
Furthermore, the announcement of new design wins for the Scorpio P at multiple hyperscalers, along with the anticipated shipments of Scorpio X, suggests a positive trajectory for future earnings. The engagement with over ten AI platform providers for the PCIe version of the Scorpio X-Series and the strong UALink engagement further bolster the company’s market position. These factors, combined with a raised price target based on a robust P/E multiple, underpin the Buy rating.
According to TipRanks, Bolton is a top 100 analyst with an average return of 37.0% and a 59.12% success rate. Bolton covers the Technology sector, focusing on stocks such as Applied Materials, Lattice Semiconductor, and Marvell.
In another report released yesterday, Roth MKM also maintained a Buy rating on the stock with a $225.00 price target.