Allegro MicroSystems Inc (NASDAQ:ALGM) posted upbeat earnings for the second quarter on Thursday.

Allegro Microsystems posted earnings of 26 cents per share, beating market estimates of 24 cents per share. The company’s sales came in at $276.884 million versus expectations of $270.815 million.

Allegro Microsystems said it sees third-quarter adjusted earnings of 25 cents to 29 cents per share on sales of $278.000 million to $288.000 million.

Mike Doogue, President and CEO of Allegro said, “Our forward demand signals strengthened significantly this quarter. We delivered our highest quarterly design-win performance since our 2020 IPO—up nearly 40% year-over-year—and bookings increased for the eighth consecutive quarter. With record design wins, a robust backlog, and expanding content across our target Automotive and Industrial markets, the leading indicators across our business give us high confidence in our path to exceed our target model of mid-teens annual sales growth.”

Allegro Microsystems shares closed at $33.03 on Thursday

These analysts made changes to their price targets on Allegro Microsystems following earnings announcement.

• Mizuho analyst Vijay Rakesh maintained the stock with an Outperform rating and lowered the price target from $58 to $46.
• Evercore ISI Group analyst Mark Lipacis maintained the stock with an Outperform rating and cut the price target from $53 to $40.

Considering buying ALGM stock? Here’s what analysts think:

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