Allegro MicroSystems (ALGM) PT Raised to $35 at Mizuho Securities

February 8, 2021 7:03 AM EST
Get Alerts ALGM Hot Sheet
Price: $27.40 -1.72%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
Trade Now! 
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.

Mizuho Securities analyst Vijay Rakesh raised the price target on Allegro MicroSystems (NASDAQ: ALGM) to $35.00 (from $30.00) while maintaining a Buy rating.

The analyst commented, "On Tuesday, ALGM reported strong DecQ rev/EPS of $164M (cons. $149M). ALGM guided to a solid MarQ topline at $167M (cons. $152M) and GMs at 50.5%. ALGM noted DecQ strength from Autos up 15% y/y vs LVP of up ~2% y/y as ADAS and xEV drove strong content and design wins. ALGM noted strong Automotive demand (80% of revenues) with lean inventories and supply chain almost depleted. Reiterating our Buy, raising estimates and PT to $35 (prior $30) as ALGM is strategically positioned with leading Sensor market share in the fastest growing EV markets, Automotive and Power IC tailwinds, and a foundry ramp driving topline and sustainable GM improvements."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View, Analyst PT Change