Piper Jaffray analyst Matt O'Brien says Align Technology entering into an accelerated stock repurchase plan of $200M and its CEO personally purchasing $1M worth of shares shows conviction in the business. Both of these announcements are evidence of management's confidence in the outlook for the business over the intermediate and long term, O'Brien tells investors in a research note. He continues to believe that despite competitive pressure, Align "has much better products that will win in the marketplace." The analyst keeps an Overweight rating on the shares with a $240 price target.

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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