Align Technology (ALGN) PT Lowered to $635 at Jefferies as Omicron Temporarily Stalls Aligner Growth

Jefferies analyst Brandon Couillard lowered the price target on Align Technology (NASDAQ: ALGN) to $635.00 (from $720.00) after the company reported a 4Q revs/EPS beat on much better scanner demand. However, aligner volumes (-4% Q/Q) were weak, driven by disruption from Omicron in December. This negatively impacted overall Total Revenue by 3%.

The analyst reiterated a Buy rating, stating "That said, the COVID impact is diminishing, as volumes have improved M/M in Jan, giving mgmt confidence to reaffirm its +20-30% growth outlook for '22. Valuation is attractive on recent weakness."

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