Wells Fargo analyst Gary Mobley raised the firm’s price target on Allegro MicroSystems to $60 from $52 and keeps an Overweight rating on the shares. Given the continued resiliency in auto and industrial end markets, the firm feels confident in its above consensus FY24/FY25 estimates for Allegro. However, given the run in the shares year-to-date, it may require a significant beat and raise first half of 2024 to maintain the stock’s outperformance.
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