Align Technology (ALGN) PT Lowered to $210 at Mizuho

Mizuho analyst Steven Valiquette lowered the price target on Align Technology (NASDAQ: ALGN) to $210.00 (from $245.00) while maintaining a Outperform rating.

The analyst commented: 'Despite ALGN hosting an upbeat analyst meeting in May 2025 (mid-2Q), mgmt noted that June trends fell short of expectations. While iTero scans/Invisalign doctor case submissions were seemingly on track (despite softer end-market), the trend of patient conversion (post-scan) was softer than expected, due in part to weaker consumer sentiment and macro uncertainty. We previously discussed how the UofM Consumer Sentiment Index (CSI) weakened in May, but had a notable rebound in June (Exhibit 1). Nevertheless, ALGN did not see the June rebound in its own business in North America nor Europe (mainly Germany and France); however, China/APAC remained fairly robust. All told, we trim our 2025 revenue estimate from +3.5% growth to +0.5% growth (and 2026 from +6.5% to +3.9% growth); 2025E EPS is trimmed from $10.20 to $9.90, and 2026E EPS from $11.30 to $10.60 (Exhibit 7). With lower growth, we trim PT from $245 to $210."

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