On October 30, Allegro MicroSystems, Inc. fell 6.81% in Regular Trading, trading at $30.975 per share, with turnover of $8.8159 million.

The move followed a strong quarterly report and above-consensus next-quarter guidance, but sentiment weakened after several analysts cut price targets, including UBS lowering its target to $48 from $50 while maintaining a Buy rating.

For fiscal Q2, the company reported adjusted EPS of $0.26 on revenue of $276.9 million, versus consensus expectations of $0.25 and $270.9 million. It guided fiscal Q3 adjusted EPS to $0.25-$0.29 and revenue to $278 million-$288 million, compared with market expectations of $0.27 and $276.7 million. Even so, post-earnings target revisions and profit-taking after the prior rebound appeared to pressure the stock.

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