Needham Maintains Buy Rating for Allegro Microsystems: Here's What You Need To Know

Needham has decided to maintain its Buy rating of Allegro Microsystems ALGM and lower its price target from $44.00 to $40.00.

Shares of Allegro Microsystems are trading up 1.03% over the last 24 hours, at $29.44 per share.

A move to $40.00 would account for a 35.87% increase from the current share price.

About Allegro Microsystems

Allegro Microsystems Inc is a designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the critical emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor IC allow customers to precisely measure motion, speed, position and current. At the same time, its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE which include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE which include Regulators, ClearPower Modules, and LED Drivers; and DRIVE which includes BLDC Drivers, Brush DC and Stepper Driver.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.