Allegro MicroSystems, Inc. (ALGM) stock is soaring 5.32% in pre-market trading on Friday, following the company's better-than-expected fourth-quarter financial results and optimistic first-quarter guidance. The semiconductor manufacturer has impressed investors with its performance despite the challenging market environment.
In its Q4 report, Allegro MicroSystems posted adjusted earnings of 6 cents per share, surpassing market estimates of 5 cents per share. The company's quarterly sales reached $192.82 million, exceeding expectations of $185.28 million. Furthermore, Allegro provided an encouraging outlook for Q1, projecting adjusted earnings of 6 to 10 cents per share on sales between $192.00 million and $202.00 million, which is above analyst estimates.
The positive results and outlook have prompted several analysts to revise their forecasts for Allegro MicroSystems. While Wells Fargo cut its target price to $26 from $35, it maintained a Buy rating on the stock. Barclays raised its target price slightly to $23 from $22, maintaining an Overweight rating. These actions, along with the company's strong performance, are likely contributing to the stock's significant pre-market rally as investors show renewed confidence in Allegro's growth prospects.
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