Allegro MicroSystems, Inc. (NASDAQ:ALGM) is one of the top must-buy semiconductor stocks to invest in now. Allegro MicroSystems, Inc. (NASDAQ:ALGM) received several rating updates following the release of its fiscal Q4 and full-year 2026 results. Mizuho lifted the price target on Allegro MicroSystems, Inc. to $54 from $44 on May 8, maintaining an Outperform rating on the shares. The same day, Evercore ISI also lifted the price target on the stock to $53 from $49 and reiterated an Outperform rating on the shares.
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. develops and manufactures sensor integrated circuits and application-specific analog power ICs.
READ NEXT: 15 Stocks That Will Make You Rich in 10 Years AND 12 Best Stocks That Will Always Grow.
