Jefferies Downgrades Align Technology (ALGN) to Hold

Jefferies downgraded Align Technology (NASDAQ: ALGN) from Buy to Hold but raised its price target from $36 to $38, saying risk/reward appears balanced.

Analyst Brandon Couillard comments, "We are lowering our rating on ALGN to Hold (from Buy). Our 2013 / 2014 EPS forecasts are unchanged. However, our price target moves to $38 (from $36) on higher intermediate-term cash flow forecasts, following the ITC's recent favorable initial ruling in ALGN's patent dispute with ClearCorrect."

For an analyst ratings summary and ratings history on Align Technology click here. For more ratings news on Align Technology click here.

Shares of Align Technology closed at $36.70 yesterday.

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