Allegro MicroSystems price target raised to $39 from $36 at BofA

BofA analyst Vivek Arya raised the firm’s price target on Allegro MicroSystems (ALGM) to $39 from $36 and keeps a Buy rating on the shares. The firm raised price targets for most of its diversified analog semi stock coverage, noting that it expects modest calendar Q4 beats and Q1 raises across the board led by industrial semis given ongoing rebounds across most subsegments, favorable pricing, and robust growth in strategic AI businesses.