Raymond James raised the firm’s price target on Astera Labs (ALAB) to $170 from $82 and keeps an Outperform rating on the shares. Astera Labs beat consensus estimates for revenue by 11%, while its Q3 revenue outlook was 14% ahead of consensus, driven by a strong inflection in Scorpio-P switches, the analyst tells investors in a research note. The firm says premium valuation is justified given multiple new products and industry-leading gross margins.
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