HSBC initiated coverage of Align Technology with a Buy rating and $450 price target. The dental market is under-penetrated, with an addressable size of $20B and a solid growth profile, the analyst tells investors in a research note. The firm says ageing demographics and consumer spending patterns are long- and mid-term drivers of growth. The firm prefers Align shares to Straumann given its growth and enhanced exposure to the double-digit growth clear aligner market.
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