UPDATE: Goldman Sachs Upgrades Align Technology (ALGN) to Buy

(Update corrects price target to $50)

Goldman Sachs upgraded Align Technology (NASDAQ: ALGN) from Neutral to Buy with a price target of $50 (from $65).

Analyst Robert P. Jones said, "With the 19% pullback in ALGN shares since 2Q14-end, the stock is now down ~30% from its January high (vs. S&P +3%), which we see as an attractive entry point to own a long-term growth story still in its early innings with only ~11% unit share. The high-end consumer ($75,000+) is healthy, with confidence up 23% since the start of the year and spending on discretionary procedures solid. Additionally, past pullbacks of 30%+ have been buying opportunities, with average NTM performance of 97%. While we acknowledge potential softness around 3Q14 results and 4Q14 guidance, we think risk/reward into the quarter is favorable."

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 $45.38 yesterday.

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