Align Technology (ALGN) Showed Continued Momentum in Feb - Jefferies
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Jefferies analyst Brandon Couillard reiterated a Buy rating and $630.00 price target on Align Technology (NASDAQ: ALGN) after February data show continued momentum.
" ...our checks con't to show strong momentum in 4Q has carried over to 1Q, giving us added confidence that Street ests. for 1Q21 are likely too low. Key data points: 1) Global website visits:a) traffic accelerated further in Feb (+108% y/y vs +91% in Jan / +73% in 4Q20); b) Feb daily visits grew +4% M/M; and, c) Jan/Feb daily visits are up +7% vs 4Q... 2) Leading indicators: doc locator searches & smile assessments also con't to trend positively vs 4Qlevels -- up 19% Q/Q (+130% y/y) and 12% Q/Q (+160% y/y), respectively."
Further, the firm noted "sustained momentum" for DENTSPLY SIRONA's (NASDAQ: XRAY) Byte, while SmileDirectClub, Inc. ((NASDAQ: SDC) was mixed with website visits tracking +9% Q/Q, but check-out traffic lagging.
Shares of Align Technology closed at $544.00 yesterday.
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