Credit Suisse Group Increases Allegro MicroSystems (NASDAQ:ALGM) Price Target to $36.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective raised by equities research analysts at Credit Suisse Group from $27.00 to $36.00 in a research report issued on Monday, The Fly reports. The brokerage presently has an “outperform” rating on the stock. Credit Suisse Group’s price objective suggests a potential upside of 18.19% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Smith Barney Citigroup began coverage on shares of Allegro MicroSystems in a report on Monday, November 23rd. They issued an “outperform” rating and a $30.00 price target on the stock. Needham & Company LLC initiated coverage on shares of Allegro MicroSystems in a report on Monday, November 23rd. They issued a “buy” rating and a $27.00 price target on the stock. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell initiated coverage on shares of Allegro MicroSystems in a report on Monday, November 23rd. They set an “outperform” rating and a $30.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of Allegro MicroSystems in a report on Monday, November 23rd. They set a “buy” rating and a $28.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on shares of Allegro MicroSystems from $30.00 to $36.00 and gave the company an “overweight” rating in a report on Wednesday, February 3rd. Eight equities research analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus target price of $33.50.

NASDAQ ALGM opened at $30.46 on Monday. Allegro MicroSystems has a 1 year low of $16.78 and a 1 year high of $34.66. The business has a fifty day moving average price of $29.44.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Monday, February 1st. The company reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.01. The company had revenue of $164.40 million during the quarter, compared to analysts’ expectations of $149.09 million. Allegro MicroSystems’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. On average, research analysts expect that Allegro MicroSystems will post 0.21 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in ALGM. Treasurer of the State of North Carolina purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $283,000. Dupont Capital Management Corp purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $324,000. New York State Common Retirement Fund purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $488,000. STA Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $533,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Allegro MicroSystems in the fourth quarter worth about $952,000.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc designs, develops, manufactures, and markets sensor ICs and application-specific analog power ICs for motion control and energy-efficient systems in automotive and industrial markets. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; Power ICs comprising motor driver ICs, and regulator and LED driver ICs, as well as photonic and 3D sensing components for LiDAR applications.

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Analyst Recommendations for Allegro MicroSystems (NASDAQ:ALGM)

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