BMO initiates Astera Labs at outperform with a $375 price target

The bank argues the AI connectivity chipmaker's recent pullback is an opening, setting one of Wall Street's most bullish targets on the stock BMO Capital Markets has started covering Astera Labs with an outperform rating and a $375 price target. That target implies 68% upside from Wednesday’s close. The timing is notable. Astera shares were recently caught in a broad rotation out of semiconductor stocks, and BMO is effectively telling clients the sell-off went too far. BMO analyst Harsh Kumar built the call around Astera’s role in AI networking. His thesis is that AI and cloud infrastructure keep getting more complex, and that complexity drives demand for better ways to move data between chips. The company has four main product lines: Aries, Taurus, Leo and Scorpio.

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