Morgan Stanley analyst Erin Wright maintained a Hold rating on Align Tech today and set a price target of $142.00.
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Erin Wright has given his Hold rating due to a combination of factors impacting Align Technology’s current market position. The company’s shares have seen a significant decline year-to-date, and there is heightened investor caution ahead of the upcoming third-quarter earnings report. This caution is driven by global macroeconomic uncertainties, consumer spending concerns, and increasing competition in the clear aligner market.
Furthermore, while Align Technology had a relatively positive investor day earlier in the year, a subsequent earnings shortfall and guidance reduction have raised questions about its near-term growth prospects and the achievability of its long-range plans. The demand for clear aligners has decreased to new lows, according to recent survey data, and practitioners have become more pessimistic about near-term market trends. These factors contribute to the Hold rating, as the company’s future performance will largely depend on its ability to meet expectations and adapt to the evolving market conditions.
In another report released on October 16, UBS also maintained a Hold rating on the stock with a $155.00 price target.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ALGN in relation to earlier this year.