Allegro MicroSystems posts 23% annual sales growth and record data center revenue, prompting two firms to lift price targets.
Allegro MicroSystems reported fiscal Q4 sales of $243 million and full-year revenue growth of 23% to $890 million. Non-GAAP EPS more than doubled to $0.54, while on-GAAP EPS nearly tripled year-over-year to $0.17.
The company highlighted strength in automotive segments, including xEV and ADAS, and record data center sales, which accounted for 14% of Q4 revenue. Prior-year sales were $724 million, with non-GAAP EPS at $0.26.
Mizuho raised its price target to $54 from $44, while Evercore ISI lifted its target to $53 from $49, both maintaining Outperform ratings.