Evercore ISI raised the firm’s price target on Allegro MicroSystems (ALGM) to $49 from $37 and keeps an Outperform rating on the shares. The company is positioned as a stop SMID analog pick, driven by robust auto and data center cycles, the analyst tells investors in a research note. The firm added that the company is expected to exceed its target growth model, with a notable boost from a restocking cycle and expanding opportunities in the data center space.
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