** Shares of Astera Labs 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 , 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; ))
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