Align Technology (ALGN) PT Lowered to $350 at Jefferies

Jefferies analyst Brandon Couillard lowered the price target on Align Technology (NASDAQ: ALGN) to $350.00 (from $365.00) while maintaining a Buy rating.

The analyst commented, "As we previewed (here), 2Q revs/EPS missed consensus. That said, WW case volume (flat Q/Q) showed some stability, despite China lockdown headwinds, which we view as a small victory. We're also encouraged to see mgmt. controlling opex spend (-3% Q/Q) more proactively. All in, while NT visibility remains unclear, we think optics get better from here & expect case volume to rebound into 2H on easier comps, China re-open & resilient Teen summer case starts."

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