Jefferies Webscraping Data on Align Technology (ALGN) Reveals 3 Takeaways Supporting Revenue Upside
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Jefferies analyst Brandon Couillard reiterated a Buy rating and $630.00 price target on Align Technology (NASDAQ: ALGN) after proprietary webscraping data supports an upward bias to 1Q21 consensus revenue. The project revealed 3 points:
1) Jan. web traffic accelerated (+91% y/y vs +73% in 4Q)
2) Doc Locator (+22% vs 4Q avg) & Smile Assessment (+18% vs 4Q) search activity is climbing
3) "My Invisalign" app downloads: +39% M/M in Jan
The analyst stated "ALGN indicated during its earnings call last week that the strong momentum and bullish leading indicators (new ordering docs, rising utilization) from 4Q20 continued into January. Our checks aim to take a closer look at strength of demand trends seen in January, with webscrapes pointing toward an even further acceleration. Although one month doesn't make a quarter, we view the below data points as decidedly bullish for ALGN moving into '21".
Shares of Align Technology closed at $609.58 yesterday.
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