Allegro Rallies 14.7% to Record High as Mizuho, TD Cowen Raise Price Targets to $67 and $70

According to BlockBeats, Allegro MicroSystems (ALGM) surged 14.7% to $66.37 on June 30, touching an intraday record of $67.41. Mizuho Securities analyst Vijay Rakesh raised the company's price target from $54 to $67 while maintaining an "outperform" rating, citing strong demand for current sensors, fan drivers, and power semiconductors driven by AI server buildouts. TD Cowen also elevated Allegro to a top pick among mid-cap stocks with a $70 price target.

Both firms cited data center operations as a key growth driver alongside automotive electrification and autonomous vehicles, with data center revenue currently representing approximately 14% of Allegro's total sales.