Align Technology upgraded to buy at UBS, but price target lowered; shares up 6%
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UBS has upgraded Align Technology (ALGN
+6.5%) to buy from hold following as data suggests the company will beat Q4 2021 consensus estimates.
However, the firm lowered its price target to $620 from $800 (~34% upside from Friday's close).
UBS believes that Align will be estimates by ~4% as well as grow by ~22% in 2022. That's within the company's long-term growth target of 20%-30%, the firm adds.
Align will report earnings on Feb. 2.
"Adding to our conviction is that ALGN could announce incremental investments that have historically led to increased growth and returns, something it has not done through the pandemic," UBS says.
Earlier this month, Baird selected Align as its top dental stock for 2022.