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Fly News Breaks for January 30, 2020
ALGN
Jan 30, 2020 | 05:26 EDT
Piper Sandler analyst Matt O'Brien raised his price target for Align Technology to $275 from $240 saying the company reported Q4 results that beat on the top- and bottom lines. The real news of the conference call was management removing a "big chunk" of expected revenue from its Q1 outlook as it expects essentially no revenue in February and March in China due to the coronavirus, O'Brien tells investors in a research note. However, the analyst believes management is being "abundantly cautious" and, after speaking with them tonight, is convinced that there is not a "massive degradation of the underlying opportunity in China." As such, he views the issue as transitory for Align and keeps an Overweight rating on the shares. O'Brien views the company as his favorite large cap name.
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