UBS lowered the firm’s price target on Allegro MicroSystems (ALGM) to $22 from $30 and keeps a Buy rating on the shares. The firm is “concerned” by the prospects for China share loss, especially in silicon carbide, as well as power semi pricing deterioration and worst-in-class inventory situation, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALGM:
- Allegro MicroSystems price target lowered to $22 from $30 at Barclays
- 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