Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Allegro MicroSystems (ALGM – Research Report) today and set a price target of $56.00. The company’s shares opened today at $41.68.
According to TipRanks, Rakesh is a top 100 analyst with an average return of 22.8% and a 63.98% success rate. Rakesh covers the Technology sector, focusing on stocks such as Intel, Nvidia, and Allegro MicroSystems.
Allegro MicroSystems has an analyst consensus of Strong Buy, with a price target consensus of $55.33, representing a 32.75% upside. In a report released on August 1, Barclays also assigned a Buy rating to the stock with a $60.00 price target.
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Based on Allegro MicroSystems’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $278.29 million and a net profit of $60.85 million. In comparison, last year the company earned a revenue of $237.67 million and had a net profit of $50.61 million
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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.
Read More on ALGM:
- Crocus Technology Acquired by Allegro MicroSystems to Accelerate Innovation in TMR Sensing Technology
- Allegro MicroSystems to Acquire Crocus Technology to Accelerate Innovation in TMR Sensing Technology
- Allegro MicroSystems sees Q2 EPS 35c-39c, consensus 35c
- Allegro MicroSystems reports Q1 EPS 39c, consensus 37c
- Allegro MicroSystems Reports First Quarter 2024 Results
