UPDATE: Align Technology (ALGN) PT Lowered to $340 at Piper Sandler as Estimates Move Lower Again
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Piper Sandler analyst Jason Bednar lowered the price target on Align Technology (NASDAQ: ALGN) to $340.00 (from $370.00) while maintaining an Overweight rating. The analyst said while August ortho volumes were better than July, estimates are moving lower again.
The analyst commented, "Recent data from U.S. orthodontic practices shows an above-normal m/m improvement in August clear aligner volumes, but that comes after July was notably weak and still represents a modest y/y decline vs. Aug-21. Absent an unusually strong September (unlikely given the macroeconomy and office staffing challenges), the most probable scenario for 3Q is for Invisalign volumes to fall short of Street estimates. We're updating our model based on our source data, and while we see potential offsetting positives for the quarter (China recovering in July/August per our recent checks), we do believe patient investors can likely continue waiting for evidence of a sustained improvement in global Invisalign volume growth without missing a meaningful move higher near term. Our more constructive 12-month+ view remains unchanged, though, as valuation for this market-leading, high-quality franchise continues to hover near historic lows."
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