Allegro MicroSystems price target raised to $52 from $44 at TD Cowen

TD Cowen raised the firm’s price target on Allegro MicroSystems to $52 from $44 and keeps an Outperform rating on the shares. The analyst said management updated its target model and outlined its differentiated core sensing/power businesses tied to ADAS/xEV/charging infra/datacenter growth drivers. We believe its new target model calling for low double-digit top-line growth and roughly 58% margins sets the company up to continue its stellar track record of execution.