Morgan Stanley analyst Joseph Moore upgraded Astera Labs (ALAB) to Overweight from Equal Weight with an unchanged price target of $99. The firm has “maintained optimism” on Astera’s prospects since the initial public offering, but has been “somewhat valuation sensitive at the higher end of the range.” However, Morgan Stanley now sees a good entry point as artificial intelligence enthusiasm comes back to the group and Astera “posts strong numbers.” The stock’s valuation is more compelling following the recent correction, the analyst tells investors in a research note. Morgan Stanley believes customized Blackwell with significantly higher content from Scorpio switches “will lead to a strong” second half of 2025 for Astera.
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