TD Cowen Rates Allegro MicroSystems (ALGM) buy, $70 Price Target

Analyst Joshua Buchalter at TD Cowen keeps a buy rating and a $70 price target on Allegro MicroSystems, a 21.32% upside from the current price.

By EarningsIQ Research Desk · Published Jun 22, 2026, 1:02 PM EDT · Updated Jun 25, 2026, 1:03 PM EDT

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TD Cowen rated Allegro MicroSystems, Inc. ($ALGM) "buy" with a $70 price target on June 22, 2026.

Since the rating, $ALGM is up 7.8% after 1 week, down 19.0% after 1 month and down 48.6% to date (from the $61.58 close on Jun 22, 2026).

ALGM Allegro MicroSystems, Inc.

$31.62 +17.50% year to date

Daily close · Oct 16, 2026

Key Points

TD Cowen analyst Joshua Buchalter kept a buy rating on Allegro MicroSystems, Inc. (NasdaqGS: ALGM) with a $70.00 price target on June 22, 2026.
TD Cowen's $70 price target implies 21.32% upside from Allegro MicroSystems, Inc.'s ($ALGM) current $57.70 share price.
The stock changes hands around $57.70, trading well above its 50-day moving average of $40.78 and its 200-day moving average of $39.91.
Wall Street maintains a strong buy consensus with a mean price target of $54.82 across 11 analyst opinions.

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TD Cowen Keeps Buy Call on Allegro MicroSystems

On June 22, 2026, TD Cowen analyst Joshua Buchalter kept a buy rating on Allegro MicroSystems, Inc. (NasdaqGS: ALGM) alongside a $70.00 price target. The firm continues to show support for the chipmaker as the broader sector sees plenty of analyst updates and shifting price targets across Wall Street.

Analyst rating track record

TD Cowen vs. the S&P 500

YTD return -34.21% hypothetical

All-time return +4.96% S&P 500 +43.10%

vs. S&P 500 -38.14% behind the index

Hypothetical returns from TD Cowen's disclosed trades, not real profit or advice. How we model this.

Stock Performance and Moving Averages

The company's shares trade at $57.70, sitting comfortably above its 50-day moving average of $40.78 and its 200-day moving average of $39.91. The stock has experienced a wide 52-week range, stretching from a low of $22.41 up to a high of $71.77. With a market capitalization of roughly $6.62 billion, the firm carries a forward P/E ratio of 24.05 based on projected earnings.

12-month forecast

$ALGM price target

Allegro MicroSystems, Inc. daily closes and this analyst's $70 target. Not advice.

Wall Street Analyst Views

Other Wall Street firms have also adjusted their stances on the semiconductor maker recently. On October 2, 2026, RBC Capital initiated coverage with an Outperform rating and a $50.00 target. Earlier, on August 13, 2026, Benchmark initiated coverage with a Buy rating and a $60.00 target. Mizuho maintained an Outperform rating on July 31, 2026, lowering its target from $67.00 to $58.00. On the same day, Morgan Stanley maintained an Overweight rating while moving its target from $51.00 to $52.00, and TD Cowen issued a separate update maintaining a buy rating with a $48.00 target. Needham kept a buy rating on July 30, 2026, nudging its target from $55.00 to $57.00. Back on July 20, 2026, Barclays downgraded the stock to Equal-Weight with a $48.00 target, and TD Cowen previously adjusted a target to $66.00 on July 13, 2026. Altogether, the stock holds a strong buy recommendation key with 11 analyst opinions and a mean price target of $54.82.

What Allegro MicroSystems Does

Allegro MicroSystems designs and manufactures sensor integrated circuits and application-specific power chips used in motion control and power management. Its core products include magnetic sensors and motor drivers that serve automotive and industrial customers, including data centers, robotics, and clean energy infrastructure.

Upcoming Financial Calendar

Investors will look toward the company's next earnings report scheduled for October 29, 2026, for fresh details on revenue growth and profit margins. The firm reported annual revenue of $945.9 million with a 27.5% revenue growth rate in its latest reported periods.