About 40 of Align Technology's patents are about to expire, which will allow competitors for the first time to plan cases using computer assistance, Piper Jaffray analyst Matt O'Brien tells investors in a research note. The analyst, however, believes only a "modest part" of Align's revenue, maybe $20M-$30M, could be at risk. He still sees the company growing in its traditional range of 15%-25% on the top-line and encourages investors to build positions in the name. Olson raised his price target for Align Technology shares to $188 from $176 and keeps an Overweight rating on the name.

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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