Mizuho cuts price targets for auto chip stocks on softer trends [Yahoo! Finance]
Allegro MicroSystems, Inc. (ALGM)
Company Research
Source: Yahoo! Finance
The investment bank highlights a weaker-than-seasonal December quarter and continued inventory challenges, prompting it to lower expectations across the board. “We have lowered our Analog DecQ top lines by 2-5% given slower demand and increased inventory,” Mizuho analysts stated, specifically targeting companies like Allegro MicroSystems, Microchip Technology (NASDAQ:MCHP), NXP Semiconductors (NASDAQ:NXPI), ON Semiconductor (NASDAQ:ON), and Texas Instruments (NASDAQ:TXN). Following its supply chain checks, Mizuho pointed out several key takeaways, including that auto and electric vehicle (EV) demand remains “softer than seasonal into DecQ, with 2025E slower than consensus,” and soft industrial demand. Moreover, demand for China renewables and EVs is strong but domestic analog supply “increases competition for global incumbents,” analysts said. For Allegro MicroSystems, the price target was slashed from $32 to $26, with estimates for the December quarter lowered from $207M/$0.
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News
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- Automotive Semiconductor Market to Grow by USD 31.29 Billion (2024-2028) with ADAS Adoption, Report on AI Redefining Market Landscape - Technavio [Yahoo! Finance]Yahoo! Finance
- Allegro MicroSystems, Inc. (NASDAQ: ALGM) is now covered by analysts at Wells Fargo & Company. They set an "overweight" rating and a $23.00 price target on the stock.MarketBeat
ALGM
Earnings
- 10/31/24 - Beat
ALGM
Sec Filings
- 12/23/24 - Form 8-K
- 11/19/24 - Form 4
- 11/19/24 - Form 4
- ALGM's page on the SEC website