Stifel analyst Jonathan Block lowered the firm’s price target on Align Technology to $250 from $390 and keeps a Buy rating on the shares. The firm’s diligence had suggested Q3 and the second half of 2023 “was not going to be pretty,” and management “did what we were afraid of” by lowering the implied second half “core” revenue guidance they first implemented in July, the analyst tells investors. The firm’s 2023-2025 estimates step down, but still reflect modest revenue growth and operating margin expansion next year, which lands 2024 EPS at $8.70, the analyst noted.
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