Needham Maintains Buy Rating for Allegro Microsystems: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Needham has maintained its Buy rating for Allegro Microsystems (NASDAQ:ALGM) but lowered its price target from $44.00 to $40.00. Despite this, ALGM's shares have risen by 1.03% in the last 24 hours to $29.44. A move to $40.00 would represent a 35.87% increase from the current price. Allegro Microsystems is a key player in the automotive and industrial markets, specializing in sensor ICs and analog power ICs.
February 02, 2024 | 5:00 pm
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Needham maintains Buy rating for Allegro Microsystems but lowers price target from $44 to $40. Shares have increased by 1.03% to $29.44, with potential for a 35.87% rise.
The maintenance of a Buy rating by Needham, despite a lowered price target, suggests confidence in Allegro Microsystems' fundamentals and growth potential. The recent share price increase reflects positive market reception. The potential for a significant price increase to the new target indicates a strong upside for investors, making this news highly relevant and important for ALGM shareholders.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100