Allegro MicroSystems price target raised to $25 from $23 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Allegro MicroSystems (ALGM) to $25 from $23 and keeps an Equal Weight rating on the shares. With companies acknowledging pull-in behavior in response to tariffs, some specifically within autos, the firm is “incrementally optimistic on Allegro’s ability to outperform” as it finds more reason to be positive on Allegro posting strong results for the next several quarters, the analyst tells investors. However, despite optimism to the near term, the firm thinks the stock’s current valuation is “quite high,” the analyst added.