FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
Allegro (WA:ALEP) Microsystems Inc. stock reached a significant milestone, hitting a 52-week high of 36.1 USD. According to InvestingPro data, the stock has shown remarkable momentum with a 49.5% surge over the past six months, though current technical indicators suggest overbought conditions. This achievement reflects a robust performance over the past year, during which the stock has experienced a 15.47% increase. The company’s stock has shown resilience and growth, capturing the attention of investors and analysts alike. With a market capitalization of $6.6 billion and analysts setting price targets ranging from $23 to $42, this upward trajectory underscores Allegro Microsystems’ strong market presence and strategic advancements. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with 13 additional exclusive insights available to subscribers.
In other recent news, Allegro MicroSystems reported impressive fourth-quarter earnings, surpassing analyst expectations. The company posted adjusted earnings per share of $0.06, beating the anticipated $0.05. Revenue for the quarter reached $192.82 million, exceeding the consensus forecast of $185.36 million, although it represented a 19.9% decrease from the same period last year. Allegro also provided strong guidance for the upcoming fiscal quarter, forecasting revenue between $192 million and $202 million, which is above analyst projections. The company expects adjusted EPS to range from $0.06 to $0.10, compared to the consensus estimate of $0.07.
In another development, BofA Securities resumed coverage of Allegro MicroSystems with a Buy rating, setting a price target of $38.00. BofA highlighted Allegro’s leadership in magnetic sensors and growth opportunities in power management chips. The firm projects a 13% sales compound annual growth rate and a 46% profit-EPS growth rate from 2024 through 2027. Despite challenges in the automotive sector, BofA anticipates a cyclical recovery that could benefit Allegro. These positive developments underline the company’s strategic focus and potential growth in the semiconductor market.
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