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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ALGN:
- Align Technology price target lowered to $378 from $415 at Morgan Stanley
- Align Technology price target lowered to $290 from $370 at Piper Sandler
- Align Technology price target lowered to $260 from $375 at Baird
- Here’s Why Align Technology Stock (NASDAQ:ALGN) Tanked Yesterday
- Align Technology falls 22% to $199.01 after Q3 earnings miss, FY23 guidance cut