Align Technology price target lowered to $220 from $320 at Evercore ISI

Evercore ISI analyst Elizabeth Anderson lowered the firm’s price target on Align Technology to $220 from $320 and keeps an Outperform rating on the shares. With consumer sentiment declining and equipment sales cycles elongating, Align is “facing a tough outlook on both Aligners and Scanners & Services,” the analyst tells investors. Given this set up, the firm has “dramatically reduced our estimates for next year,” bringing organic revenue growth down to 0% with EPS partially offset by about $1B in buybacks, before it models a return to low double-digit organic growth after next year.