Piper Jaffray analyst Matt O’Brien raised his price target for Align Technology to $350 from $300 saying the company posted a Q1 top- and bottom-line beat and introduced above-Street Q2 revenue guidance. Sentiment on the shares should continue improving as the quarter demonstrated the company’s momentum in key growth drivers of North America utilization, international, and teen along with “potentially stabilizing” pricing should set up Align for “multiple years of top-tier growth,” O’Brien tells investors in a post-earnings research note. While the analyst gets the sense that the company will invest heavily again this year to support future growth, he believes margin pressure may not be as bad as he feared last quarter. O’Brien reiterates an Overweight rating on Align Technology.
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