Align Technology price target lowered to $155 from $160 at UBS

UBS lowered the firm’s price target on Align Technology (ALGN) to $155 from $160 and keeps a Neutral rating on the shares. Shares are down 38% year-to-date and 81% from 2021 highs, trading at a historically low multiple after a weak Q2, the analyst tells investors in a research note. Sentiment remains pressured by share losses to traditional braces and competitors, declining ASPs for Invisalign, soft consumer confidence, limited management visibility, and muted dental demand, factors that have eroded confidence in Align’s ability to meet Q3 expectations or maintain full-year guidance, the firm says.