BofA initiates Buy rating on Allegro MicroSystems with $38 PT

From Financial Modeling Prep.: 2025-06-16 14:59:00

BofA Securities initiated coverage on Allegro MicroSystems (NASDAQ:ALGM) with a Buy rating and a $38 price target, implying a 33% upside. Allegro specializes in magnetic sensors for electric vehicles and ADAS, poised for growth despite current soft automotive demand. Expansion into data centers and clean energy markets sets Allegro apart with strong long-term prospects. Predicted compound annual sales growth of 13% and 46% CAGR in pro forma EPS from 2024 to 2027 positions Allegro as a standout opportunity in the semiconductor sector.



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