Allegro MicroSystems price target raised to $50 from $42 at Needham

Needham raised the firm’s price target on Allegro MicroSystems to $50 from $42 and keeps a Buy rating on the shares. The company’s Analyst Day presentation highlighted the company’s rapidly expanding opportunities across two secular megatrends – Electrification, especially e-Mobility, and Clean Energy/Industrial Automation – the analyst tells investors in a research note. The firm notes that Allegro expects its future to be a "content growth story" across the two target markets, driving low-double-digit revenue growth through FY28.