Barclays analyst Tom O’Malley lowered the firm’s price target on Allegro MicroSystems (ALGM) to $22 from $30 and keeps an Overweight rating on the shares. The firm updated semiconductor and semiconductor capital equipment models to reflect tariffs and the trade war ahead of Q1 earnings. The analyst reduced target multiples on China and consumer risk.
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Read More on ALGM:
- Allegro MicroSystems issues statement following withdrawal of On Semi proposal
- Big banks report Q1 beats, China stops taking Boeing deliveries: Morning Buzz
- M&A News: Allegro MicroSystems Stock (ALGM) Plunges as Onsemi Walks Away from $6.9B Deal
- Closing Bell Movers: Allegro MicroSystems down 13% as On Semi pulls out
- Allegro MicroSystems falls 8% to $20.12 after On Semi withdraws buyout proposal
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