Morgan Stanley lowered the firm’s price target on Align Technology to $378 from $415 and keeps an Overweight rating on the shares after Q3 clear aligner volume and reduced 2023 revenue guidance were “worse than feared.” Q3 EPS fell short of the firm’s estimate of $2.23 on lower revenue and profits, notes the firm, which thinks “shares should slide” on the report and guidance. However, the firm’s longer-term thesis remains that Align’s leadership positioning in “an attractive, highly underpenetrated market,” along with rising adoption of digital workflows, should support double-digit earnings growth.
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