Astera Labs surges to record after Q2 results, forecast beat estimates

Shares of chip firm Astera Labs ALAB.O surging 30.4% to $176.77 and hits record high on Weds after qtrly results and outlook top Wall Street's expectations

ALAB shares on track for second biggest daily pct gain since their 2024 debut

San Jose, California-based ALAB late Tues said Q2 rev grew 150% y/y to $191.9 mln, surpassing LSEG estimate of $172.5 mln

Adj EPS in qtr of 44 cents beat consensus by 12 cents

For current qtr, co sees rev of $203-$210 mln and adj EPS of 38-39 cents. Analysts had modeled for rev of $180.7 mln and adj profit of 34 cents/sh

At least four brokerages raised their PTs reacting to the report, including JPM to $180 from $100 and Deutsche Bank to $160 from $105

Jefferies raises PT to $165 from $130, saying co's Scorpio P was a "nice" positive, "but the real show" is when Scorpio X ramps next year for AI Scale Up

Of 16 brokerages covering ALAB, recommendation breakdown is 14 "strong buy" or "buy" and 2 "hold"; median PT of $160 up from $100 a month ago - latest LSEG data reflects

With move on the session, stock up ~33% YTD

ALAB went public in Mar 2024 in IPO priced at $36