Barclays analyst Tom O’Malley raised the firm’s price target on Allegro MicroSystems (ALGM) to $46 from $35 and keeps an Overweight rating on the shares following the earnings report. The company’s auto business continues to grow with an emerging data center “story as gravy on top,” the analyst tells investors in a research note.
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Read More on ALGM:
- Allegro MicroSystems: Strong Near-Term Execution and Margin Expansion Support Buy Rating
- Allegro MicroSystems: Strengthening Fundamentals, E‑Mobility and Data Center Tailwinds Drive Raised $41 Target and Buy Rating
- Allegro MicroSystems sees Q4 revenue $230M-$240M, consensus $227.04M
- Allegro MicroSystems reports Q3 EPS 15c, consensus 14c
- ALGM Earnings Report this Week: Is It a Buy, Ahead of Earnings?