In a report released today, Quinn Bolton from Needham maintained a Buy rating on Allegro MicroSystems (ALGM – Research Report), with a price target of $30.00.
Quinn Bolton has given his Buy rating due to a combination of factors including the strategic leadership transition at Allegro MicroSystems. The appointment of Michael Doogue as CEO, who has a long-standing history with the company and has held various leadership roles, is seen as a positive move. His deep understanding of the company and industry is expected to drive growth, particularly in the automotive and industrial sectors.
Furthermore, the presence of Derek D’Antilio, with his experience in public company management, is anticipated to strengthen the company’s executive team. These leadership changes are viewed as part of a well-planned succession strategy by the Board of Directors, rather than a reaction to any immediate business challenges, which supports the optimistic outlook for the company’s future performance.