Evercore ISI analyst Mark Lipacis raised the firm’s price target on Allegro MicroSystems (ALGM) to $29 from $24 and keeps an Outperform rating on the shares. The shares are rising following a Q4 earnings beat and upbeat Q1 earnings guidance, the analyst tells investors in a research note, adding that Q4 revenues came above the high end of the guided range, which is typical at this part of the cycle. The firm added that management highlighted Disti inventories were down 25%, direct customers are continuing to decline, bookings are up 20%, and orders within lead time are increasing.
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Read More on ALGM:
- Allegro MicroSystems reports Q4 EPS 6c, consensus 5c
- Allegro MicroSystems sees Q1 EPS 6c-10c, consensus 8c
- Allegro MicroSystems price target lowered to $22 from $30 at UBS
- Allegro MicroSystems price target lowered to $22 from $30 at Barclays
- Allegro MicroSystems issues statement following withdrawal of On Semi proposal
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