Evercore ISI Lifts PT on Allegro MicroSystems (ALGM) Post Earnings

Allegro MicroSystems, Inc. (NASDAQ:ALGM) is one of the best semiconductor stocks with the highest upside potential right now. Evercore ISI lifted the price target on Allegro MicroSystems, Inc. (NASDAQ:ALGM) to $53 from $49 on May 8, maintaining an Outperform rating on the shares. The rating update came after Allegro MicroSystems, Inc. announced financial results for its fourth quarter and full fiscal year ended March 27, 2026.

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The company finished fiscal year 2026 with solid momentum, delivering a fifth consecutive quarter of sales growth at $243 million. Management reported that on-GAAP EPS nearly tripled year-over-year to $0.17, while sales for the full year grew 23% to $890 million and non-GAAP EPS more than doubled to $0.54.

Mike Doogue, President and CEO of Allegro MicroSystems, Inc. stated that the results show strength in Focus Auto sales, including xEV and ADAS, and Data Center, which reached a record 14% of total Q4 sales, adding that the company is seeing demand trends supporting continued growth as it enters fiscal 2027. Allegro MicroSystems, Inc. remains confident in its ability to execute towards its target financial model.

Allegro MicroSystems, Inc. develops and manufactures sensor integrated circuits and application-specific analog power ICs.

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