Align Technology price target lowered to $190 from $250 at Piper Sandler

Piper Sandler analyst Jason Bednar lowered the firm’s price target on Align Technology (ALGN) to $190 from $250 and keeps an Overweight rating on the shares. The firm notes the company reported Q2 revenue and EPS of $1,012M/$2.49 vs. Street’s $1,061M/$2.57, with case shipments of 644k also missing consensus of 661k. This is one of the bigger negative surprises Piper can remember for Align after it seemed momentum had returned the last couple quarters, management sounded confident at their May I-Day, channel checks and industry data points screened positive, and the health of the U.S. consumer was seemingly improving as distance was placed between Liberation Day.