** 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

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))