• Allegro MicroSystems (NASDAQ:ALGM) was initiated with an Overweight rating and $23 price target at Wells Fargo on Friday.
• Shares rose fractionally in premarket trading.
• "While semi demand continues to bounce along the bottom, we think Allegro's competitive position can drive a re-acceleration in its eMobility growth via magnetic sensor content expansion in both [internal combustion engines and battery electric vehicles]," analyst Joe Quatrochi wrote in a note to clients.
• Quatrochi also said Allegro is the market share leader in magnetic sensors and appears poised to maintain that or grow market share, via the Crocus acquisition. "We are positive on the company's emerging opportunity related to its new Power-Thru isolated gate drivers to deliver additional driving content expansion in [battery electric vehicles] (+$40 content gain per vehicle vs. BEV w/o)," Quatrochi added.

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