Allegro MicroSystems price target raised to $45 from $42 at BofA

BofA raised the firm’s price target on Allegro MicroSystems (ALGM) to $45 from $42 and keeps a Buy rating on the shares after the company issued an “attractive” three to five year model of mid-teens sales growth, 55% gross margins and $2 in long-term EPS power at its analyst day in Boston. A premium to diversified peers is warranted for Allegro as “a unique high growth high margin growth asset in its market cap class,” the analyst tells investors.