Allegro MicroSystems price target raised to $33 from $29 at BofA

BofA raised the firm’s price target on Allegro MicroSystems to $33 from $29 and keeps a Neutral rating on the shares. The firm, which expects some intra-sector rotation after a 60% year-to-date run in the SOX, also expects continued secular growth tailwinds in Generative AI, chip complexity, auto content, fab reshoring, and CHIPS Act benefits. BofA raised its semiconductors industry estimates, staying “selectively positive” in its “thematic 3C’s” of Cloud, Cars, and Complexity, while adding that it remains “lukewarm” on smartphones, telco and the enterprise.