These Analysts Cut Their Forecasts On Allegro MicroSystems Following Q4 Results
Portfolio Pulse from Avi Kapoor
Allegro MicroSystems, Inc. (NASDAQ:ALGM) reported Q4 results surpassing expectations with earnings of 25 cents per share and sales of $240.58 million. Despite this, analysts from Needham and Mizuho cut their price targets on ALGM, leading to a 5.8% drop in its shares.
May 10, 2024 | 12:43 pm
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Despite surpassing Q4 earnings and sales expectations, Allegro MicroSystems saw its stock price fall 5.8% after Needham and Mizuho cut their price targets.
The drop in ALGM's stock price following the earnings announcement is directly linked to the reduced price targets by Needham and Mizuho. Despite the company's strong performance in Q4 and the fiscal year, the lowered price targets suggest a cautious outlook from analysts, likely influencing investor sentiment negatively in the short term.
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