Allegro MicroSystems price target raised to $50 from $44 at Barclays

Barclays analyst Blayne Curtis raised the firm’s price target on Allegro MicroSystems to $50 from $44 and keeps an Overweight rating on the shares. Key takeaways from the company’s analyst day included sustained double-digit revenue growth fueled by e-mobility, industrial automation, and clean energy as well as higher margin targets, the analyst tells investors in a research note. Allegro’s new long-term financial model raises gross margins to 58% and operating margins to 32%, materially improving its profitability metrics, says the firm.