Align hits nine-month high propelling rivals after Q4 beat

The shares of clear aligner maker Align Technology (ALGN) reached the highest level since April 2022 on Thursday, sparking interest in its rivals after the company reported better-than-expected Q4 2022 results.
Align’s (ALGN) rivals, SmileDirectClub (NASDAQ:SDC), Envista Holdings (NYSE:NVST), and DENTSPLY SIRONA (NASDAQ:XRAY), are also trading higher in the morning hours after recording declines for the past 12 months, as indicated in this graph.
With a ~1% sequential improvement, the Tempe, Arizona-based Align (ALGN) added $901M in revenue for the quarter as the company’s Clear Aligner net revenues as well as Imaging systems & CAD/CAM net revenue topped Street forecasts.
After the results, firms including Stifel, Baird, and Piper Sandler raised their price targets on Align (ALGN), while Goldman Sachs upgraded the stock citing sequential case growth for the first time in six quarters.
Read: This week, Seeking Alpha contributor Busted IPO Forum started coverage on SmileDirectClub (SDC) with a Sell rating.