Analyst Quinn Bolton of Needham maintained a Buy rating on Astera Labs, Inc., boosting the price target to $170.00.
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Quinn Bolton has given his Buy rating due to a combination of factors including Astera Labs’ impressive performance and strategic positioning in the market. The company has demonstrated significant growth, particularly through its Scorpio, Aries, and Taurus product lines, which have contributed to a substantial beat and raise in their financial results.
Astera Labs is actively engaged with over ten AI and cloud providers for its Scorpio X product, indicating strong market interest and potential for future expansion. The successful ramp-up of Scorpio P switches into volume production, now accounting for over 10% of total revenue, further underscores the company’s growth trajectory. Additionally, the Taurus line has experienced robust growth driven by demand for Active Electrical Cables (AEC) and new use cases, with future growth anticipated from the transition to 800G AECs. These factors collectively justify the increased price target of $170, reflecting confidence in Astera Labs’ continued success.
In another report released today, Deutsche Bank also maintained a Buy rating on the stock with a $160.00 price target.
Based on the recent corporate insider activity of 93 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALAB in relation to earlier this year.