Align Technology downgraded to Hold from Buy at Jefferies

Jefferies downgraded Align Technology (ALGN) to Hold from Buy with a price target of $140, down from $215. The firm’s U.S. dental survey indicates “mixed-to-negative” on clear aligner penetration and continued share loss for Align. A survey of 49 orthodontists and general dentists revealed “only modest, and underwhelming,” incremental clear aligner penetration through 2030 and continued share loss for Align Technology, the analyst tells investors in a research note. Further, 22% of the respondents expect macro-related headwinds to cause procedure demand declines in the near-term, adds Jefferies. The firm thinks a lack of near-term positive catalysts and macro uncertainty will limit the stock’s multiple expansion.