Allegro MicroSystems price target raised to $62 from $45 at Jefferies

Jefferies analyst Blayne Curtis raised the firm’s price target on Allegro MicroSystems (ALGM) to $62 from $45 and keeps a Buy rating on the shares following Q1 results. The firm noted that its data center business is becoming a more meaningful part of the story. Jefferies cited higher peer multiples and a meaningful contribution from data center for the price target bump.