SmileDirectClub shares were down 7% post the company's Q3 results despite a headline beat as "strong" clear aligner peer performance and bullish management commentary "edged whisper estimates up intraquarter" and its Q4 guidance fell short, Citi analyst Stephanie Demko tells investors in a research note. The analyst attributes the Q4 revenue guidance shortfall to conservatism given the magnitude of the Q3 beat, and she notes that management projections do not include expansion into incremental geographies, the nighttime aligner opportunity and other adjacent opportunities. She reiterates a Buy rating on SmileDirectClub with a $19 price target.