Brokerages Recommend Buying Allegro MicroSystems Stock Amid Positive Outlook

Allegro MicroSystems, Inc. (NASDAQ:ALGM) garners a unanimous "Buy" consensus recommendation from leading brokerage firms. According to MarketBeat, nine analysts currently cover the company's stock, with seven assigning a buy rating, one recommending a strong buy, and only one suggesting a hold. The average forecasted target price over the next year stands at $37.56. Several financial research firms have recently issued updated price targets and ratings. Mizuho raised their outlook from $37 to $40 and upgraded the stock to an "Outperform," while Needham increased their target from $25 to $37 with a "Buy" rating. Barclays also improved their target from $23 to $30 and assigned an "Overweight" rating. Meanwhile, Morgan Stanley adjusted their target downward from $38 to $35, maintaining an "Equal Weight" rating. Additionally, Wall Street Zen upgraded Allegro's rating from "Hold" to "Buy." Institutional investors have also increased their holdings in Allegro MicroSystems. Fifth Third Bancorp expanded its position by 63.7% in the first quarter, now owning approximately 1,295 shares valued at around $33,000. UMB Bank similarly increased its stake by 68.6%, and Nisa Investment Advisors L...