Align Technology price target lowered to $330 from $375 at Piper Sandler

Piper Sandler analyst Jason Bednar lowered the firm’s price target on Align Technology to $330 from $375 and keeps an Overweight rating on the shares. The stock has struggled the past two months in spite of orthodontic data mostly matching management’s outlook, with the weakness “largely due to macro fears overwhelming and leading many to question whether clear aligner demand can move past the wheel spinning of the past several months,” the analyst tells investors in a research note. The firm says that barring a surprise uptick in next month’s data, it seems likely shares of Align will move more off macroeconomic developments until management reports Q2 results in late July. However, it thinks Q2 results that are simply in line with Street “could help form the beginning of a relief rally.”