Morgan Stanley has downgraded Astera Labs ($ALAB) to Equalweight from Overweight, setting a price target of $142. Analysts commented that the valuation already reflects enthusiasm for new PCIe switch products and ASIC ramps. Following the downgrade, $ALAB shares fell 3.2% in premarket trading and later dropped by 8% during the day. Analysts noted a bearish outside weekly candle and negative RSI divergence, suggesting potential further downside. Morgan Stanley also upgraded Ulta Beauty ($ULTA) to Overweight with a $500 price target and Wingstop ($WING) to Overweight with a $389 price target.