Align Technology upgraded to Outperform from Market Perform at Leerink

Leerink upgraded Align Technology (ALGN) to Outperform from Market Perform with a price target of $280, up from $235. For what remains a clear market leader with a continually broadening moat, the firm sees opportunities into 2025 for upside given signs of improving consumer sentiment, easing comps, continued equipment traction with Lumina, and gross margin expansion opportunities. Leerink thinks the positives should outweigh the negatives, as Align has continuously outperformed peers in terms of innovation, building competitive moats, and being a partner to dentists.