Align Technology price target raised to $255 from $230 at Piper Sandler

Piper Sandler analyst Jason Bednar raised the firm’s price target on Align Technology to $255 from $230 and keeps an Overweight rating on the shares. Data from several hundred U.S. orthodontic practices shows clear aligner volumes declined 13.5% year-over-year in December, roughly consistent with the declines across the full Q4 and a sign that Invisalign volumes in the U.S. "haven’t yet turned a corner following several challenging months for new case demand," Bednar tells investors in a research note. As a result, the analyst believes Invisalign volumes could disappoint and consensus estimates may need to be reset lower for 2023. However, China continues to shrink in its materiality to Align, and the European consumer is likely holding up better than feared, says Bednar. His view on Align Technology shares over the next 12 months remains constructive.