Astera Labs stock surged 27% in Tuesday morning trading as the semiconductor company's earnings provided even more reason for Wall Street to be bullish.

The company makes semiconductor-based connectivity products that are used to build artificial intelligence and cloud infrastructures. The shares surged 16% in a single day last month after Astera unveiled a new portfolio of fabric switches that Nvidia said will support its AI infrastructure.

Astera's earnings beat and guidance raise late Monday means it looks set to be another stellar day for the stock, which rose 22% to $84.66 in premarket trading. The stock's journey has been far from smooth since going public at $36 a share in March. The shares surged to a record closing high of $85.70 at the end of April, before plunging to $36 in July.

Wall Street is unanimous in its love for the stock. Analysts covering the shares have an average price target of $95.25, according to FactSet data. The stock has a Buy-rating ratio of 100%.

"We believe Astera's strong and expanding new product pipeline will continue to set a high bar for competitors," J.P. Morgan analyst Harlan Sur said in a note Tuesday. He also cited Astera's "broadening set of customers," including Nvidia, Amazon, Google, and Advanced Micro Devices. Sur has an Overweight rating on the stock with a price target of $110.

Stifel analyst Tore Svanberg said Astera was a "pure-play AI infrastructure supplier, leveraged to some of the most attractive, secularly-growing market opportunities in semiconductors over both the near-term and long-term." He maintained a Buy rating and $100 price target in a note Tuesday.

The chip maker's adjusted earnings of 23 cents per share beat Wall Street's expectations of 17 cents, according to FactSet data. Revenue surged 206% year-over-year to $113.1 million, above estimates of $98 million. Fourth-quarter guidance also came in ahead of estimates.