Morgan Stanley analyst Steve Beuchaw believes Align Technology has an opportunity to capture 50% of the approximately 350k doctor-directed at-home cases in the US in 2020 and 70% longer-term, which could add approximately $50M in cash flow. The analyst said questions remain on the commercial path but both the technology and the customers are ready. He added this the long-term opportunity to his valuation framework raising Align's price target to $175 from $150 and reiterated his Overweight rating.

Align Technology announced that it is planning to repurchase $150M of Align's common stock through open market repurchases under Align's $1.0 billion stock repurchase program that was approved by Align's Board of Directors in January 2023.

Morgan Stanley raised the firm's price target on Align Technology to $360 from $344 and keeps an Overweight rating on the shares, which the firm thinks should rise on the Q1 beat and "surprise" FY24 revenue guidance raise. The raised guidance implies a "healthy" second half ramp, which "inherently comes with risks," but management expressed confidence in market stability and innovation drivers, the analyst tells investors.

Baird raised the firm's price target on Align Technology to $370 from $333 and keeps an Outperform rating on the shares. The firm said the higher forward guide should especially be well-received given March consumer spending/ortho demand uncertainties, and while visibility over the next few quarters admittedly remains limited by macro, the company's consistency is improving.

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