Align Technology at a four-month low after Stifel suggested soft sales trends
Oct. 13, 2021 2:06 PM ETAlign Technology, Inc. (ALGN)SDCBy: Dulan Lokuwithana, SA News Editor5 Comments
- Recording the biggest intra-day loss since May, the shares of Align Technology (ALGN -6.0%) have approached the lowest level in over four months after Stifel cited channel checks to indicate soft trends in the third quarter.
- “While some deceleration is expected due to seasonality, it was more pronounced than we anticipated and we believe momentum slowed in the latter stages of the summer,” the analyst Jonathan Block wrote.
- The net score of the survey, implying the number of Invisalign cases the respondents said they performed in Q2 and if that increased or fell in Q3, stood at -5%, the analyst added, noting that it was a sharp decline from the scores +14% and +23% for Q2 and Q1, respectively.
- Block maintains the buy rating on the stock and the $750 per share target, indicating a premium of ~19.5% to the last close.
- Meanwhile, Align’s (NASDAQ:ALGN) DIY competitor for clear aligners SmileDirectClub (SDC -2.7%) is on the decline for the third straight session today.
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