Align Technology price target lowered to $300 from $370 at Evercore ISI

Evercore ISI lowered the firm’s price target on Align Technology to $300 from $370 and keeps an Outperform rating on the shares. May website traffic data for Align’s key website was recently released and with two months of data in, the firm is revising its Q2 case estimate to 611,000. However, recent channel checks and management commentary have given the firm increased confidence in Align’s equipment business, which the analyst argues “should provide a meaningful benefit in the quarter as well as the latter parts of the year.”