Credit Suisse analyst Erin Wilson Wright lowered her price target for Align Technology to $343 from $375 on revised pricing and volume outlook. In its Q3 report, the company noted ASP pressure largely driven by an unintended response to a new promotional initiative, and though it has since been discontinued, ASP pressure will persist into 2019 on incremental headwinds such as mix and FX, she contends. The analyst also notes that while comprehensive cases still represent 75% of its overall mix, Align views it can capture greater share by expanding its non-comprehensive volume, typically involving more GP level treatment. The mix shift will inevitably drive down its consolidated ASP, with the higher captured volume theoretically providing an offset, Wright adds. She reiterates an Outperform rating on the shares.

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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