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​Allegro MicroSystems, Inc. (NASDAQ:ALGM) is one of the Best Growth Stocks to Buy and Hold for the Next Decade. Allegro MicroSystems, Inc. (NASDAQ:ALGM) has surged more than 124% over the past 6 months, hitting a new 52-week high. Most of the gains have been driven by robust fiscal Q4 2026 earnings and record data center demand.

​Recently, on June 22, TD Cowen analyst Joshua Buchalter raised the price target on the stock from $55 to $70 and maintained a Buy rating on the shares. The firm updated its financial model based on growing confidence in Allegro's long-term growth story. TD Cowen believes the market will increasingly recognize the company's strong exposure to two powerful secular growth trends. Moreover, the firm sees Allegro well-positioned to deliver profitable mid-teens percentage growth over the long term.

​Earlier, on June 18, Allegro MicroSystems announced the appointment of Brian C. White as an independent director on its Board, effective June 17, 2026. Management noted that White brings over 30 years of experience in the semiconductor and high-tech industries. He has served as CFO at several publicly traded chip companies, including Ambarella, Maxim Integrated Products, and Integrated Device Technology.

Allegro MicroSystems, Inc. (NASDAQ:ALGM) develops and manufactures sensor integrated circuits and application-specific analog power ICs.

While we acknowledge the potential of ALGM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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