Allegro MicroSystems upgraded to Outperform at Wolfe after earnings reset

As previously reported, Wolfe Research upgraded Allegro MicroSystems to Outperform from Peer Perform with a $35 price target following the stock’s greater than 45% pullback from its midyear peak and the earnings reset driven by guidance provided on yesterday’s earnings call. The firm believes the earnings reset and the stock’s pullback create “an attractive buying opportunity at current valuation,” the analyst tells investors.