Analyst Michael Cherny from Leerink Partners reiterated a Buy rating on Align Tech (ALGN – Research Report) and increased the price target to $246.00 from $231.00.
Michael Cherny has given his Buy rating due to a combination of factors that highlight Align Tech’s robust business model and market leadership. Despite macroeconomic concerns impacting the market, Align Tech has demonstrated resilience with impressive case start results, indicating strong demand even amidst fears of consumer softness. This suggests that the company is well-positioned to navigate short-term market fluctuations and continue generating strong returns.
Additionally, Cherny notes the company’s growth in clear aligner volumes, with significant increases in both adult and teen/kid segments, and regional strength in Asia Pacific, EMEA, and North America. The company’s ability to maintain EBIT margin guidance and achieve operational efficiencies further supports its positive outlook. With the upcoming Investor Day expected to emphasize long-term growth drivers, Cherny reiterates an Outperform rating and raises the price target, reflecting confidence in Align Tech’s continued market leadership.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $200.00 price target.