Why Astera Labs Stock Jumped This Week
Hot on the heels of its recent initial public offering (IPO), Astera Labs (NASDAQ: ALAB) stock continued to gain ground in this week's trading. The Israel-based data-center tech company's share price ended this week's trading up 6% from last Friday's market close, according to data from S&P Global Market Intelligence. Meanwhile, the S&P 500 index climbed 0.4%.
Astera started the week's trading with strong bullish momentum thanks to positive coverage from an analyst. Northland's Gus Richard published a note on the stock on Monday, assigning it an outperform rating and a price target of $85 per share.
In his note on Astera, Northland's Gus Richard said he sees the company effectively addressing the limitations of connectivity solutions that limit processing capabilities. In addition to data-center connectivity chips, the company also sells related software to data-center hyperscalers.
Source Fool.com
