Align upgraded at Goldman as other Street firms boost price targets on quarterly results
Ladanifer


Goldman Sachs has upgraded Align Technology (NASDAQ:ALGN) to neutral from sell following its strong Q4 2022 financial results.
The firm also revised its price target to $107 (~6% downside based on Thursday's close).
Align is up ~22% in Thursday morning trading.

The team said that Q4 results indicated sequential case growth for the first time in six quarters, with stability in the Americas/EMEA regions. However, they cautioned that China remains a headwind because of COVID headwinds that could change later in the year.
"We view the outlook as more balanced as improved elective demand and opportunity with new product cycles...comes against a more competitive backdrop and a normalizing ortho market growth," a note from the team reads.
Meanwhile, other Street firms raised their price targets: Baird, $335 from $260 (~19% upside); Piper Sandler, $360 from $255 (~27% upside); and Stifel, $375 from $265 (~33% upside)
Read why Seeking Alpha contributor Gytis Zizys recently gave Align (ALGN) a strong sell rating.