Wells Fargo Sticks to Its Buy Rating for Allegro MicroSystems (ALGM)

Wells Fargo analyst Gary Mobley maintained a Buy rating on Allegro MicroSystems (ALGM – Research Report) yesterday and set a price target of $40.00. The company’s shares closed yesterday at $27.67.

Mobley covers the Technology sector, focusing on stocks such as Synopsys, Cadence Design, and NXP Semiconductors. According to TipRanks, Mobley has an average return of 11.1% and a 55.40% success rate on recommended stocks.

Allegro MicroSystems has an analyst consensus of Strong Buy, with a price target consensus of $36.00, representing a 30.10% upside. In a report released yesterday, Needham also maintained a Buy rating on the stock with a $33.00 price target.

The company has a one-year high of $53.05 and a one-year low of $23.64. Currently, Allegro MicroSystems has an average volume of 1.62M.

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Allegro MicroSystems (ALGM) Company Description:

Allegro Microsystems Inc is a global designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the important emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor ICs enable customers to precisely measure motion, speed, position and current, while its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE that include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE that include Regulators, ClearPower Modules, and LED Drivers; and DRIVE that includes BLDC Drivers, Brush DC and Stepper Drivers.