Cantor Fitzgerald Downgrades Align Technology (ALGN) to Hold, Cites Valuation

Cantor Fitzgerald downgraded Align Technology (NASDAQ: ALGN) from Buy to Hold with a price target of $37, citing valuation with shares up 21% since Q2 results in July and 61% YTD. This has pushed the premium multiple in-line with its historical average, the firm notes.

"With growing uncertainty over pricing trends and ongoing macro and currency headwinds, we find it difficult to justify further multiple expansion that new investment in this name would require," the analyst comments. "We would wait for a pullback to the low-30s before becoming more constructive again."

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 $38.22 yesterday.

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