Allegro MicroSystems price target lowered to $35 from $40 at TD Cowen

TD Cowen lowered the firm’s price target on Allegro MicroSystems to $35 from $40 and keeps an Outperform rating on the shares. The firm noted the 3Q was guided down but results were better than feared particularly with shares down 40% since the prior call. Industrial weakness is unsurprising following peer prints and Cowen thinks near-term auto weakness is contained despite negative EV headlines.