Astera Labs gains as Morgan Stanley hikes PT on launch of new AI-centric switches

Astera Labs,

09/10/2024 14:04

** Shares of Astera Labs  ALAB.O  rise 14.3% to $60.51
premarket
    ** Morgan Stanley hikes PT for ALAB to $74 from $55 to
account for new products
    ** Astera launches new generation of AI-centric switches
that are used in servers to improve performance and efficiency
in cloud computing
        ** Morgan Stanley says previous generation of switches
was mainly dominated by Broadcom  AVGO.O , and ALAB's Scorpio
switch is the first sixth-generation product available on the
market
    ** As of last close, stock had risen ~47% from issue price
of $36 at IPO in March

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti))