From: Richard Kahn
To: "Jeffrey E." <jeevacation@gmail.com>
Subject: algn upgrade
Date: Tue, 21 Apr 2015 19:57:31 +0000
Attachments: MSNA20150316679966.pdf
Align up 4.1% on pre-earnings Morgan Stanley upgrade • 9:47 AM
Eric Jhonsa, SA News Editor
• Citing accelerating revenue growth and fading patent expiration concerns, Morgan Stanley has
upgraded Align Technology (NASDAQ:ALGN) to Overweight ahead of Thursday's Q1 report, and
hiked its target by $23 to $79.
• Align's partnership with Sirona Dental, the growing digitization of dental offices, and rising
international penetration are also seen as catalysts. "We believe customer base expansion and
digitization will grow both top-line and bottom-line results, and more than offset expected volume and
price declines resulting from the entrance of competitors upon patent expirations relative to
expectations" International is expected to rise to 46% of 2020 volumes from 30% of 2015 volumes.
• The upgrade comes less than a month after Align announced a CEO change.
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Richard Kahn
HBRK Associates Inc.
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