Align Technology price target lowered to $290 from $370 at Piper Sandler

Piper Sandler lowered the firm’s price target on Align Technology to $290 from $370 and keeps an Overweight rating on the shares. The firm notes Align reported Q3 results, including revenue and EPS of $960M and $2.14 vs. Street’s $994M and $2.26, with revenue below management’s guidance and weaker than where most investor expectations settled ahead of the print. Q4 guidance was also reset meaningfully lower, with management attributing the real-time challenges in the second half of 2023 to “lower than expected demand and a more difficult macro environment” vs. the first half, including deteriorating patient traffic/ortho practice trends.