Astera Labs (ALAB) saw its shares soar 5.15% in the pre-market session on Monday, following bullish analyst coverage initiations.
Citigroup initiated coverage on Astera Labs with a Buy rating and a price target of $120, highlighting the company as the leader in a crucial part of cloud infrastructure. This represents a significant upside potential from the current levels.
Analysts polled by Capital IQ have an average Outperform rating on the stock, with price targets ranging from $80 to $120. The consensus on Wall Street seems to be highly positive on Astera Labs' prospects in the cloud computing space.
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