As previously reported, Morgan Stanley analyst Steve Beuchaw downgraded Align Technology to Equal Weight from Overweight, stating that his web trends tracking implies growth in the next 1-2 quarters slows to 25% from 35%. When growth was last at that level, the stock's multiple was 30% lower compared to the S&P, noted Beuchaw, who called Align's current elevated multiple "demanding." He lowered his price target on Align Technology shares to $270 from $300.

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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