UPDATE: Cantor Fitzgerald Initiates Coverage on Align Technology

According to a research report published this morning, Cantor Fitzgerald has initiated Align Technology ALGN with a Buy rating and $37 PT. In the report, Cantor Fitzgerald said, "With its Invisalign brand of clear aligners, Align has become one of the largest players in the $1.5 billion global orthodontic market, and despite the company's rapid ascent, we still see plenty of room for continued double-digit growth. We are undaunted by the stock's 25% rally YTD because Align still trades at a compelling valuation relative to its historical multiples and its growth profile, in our view." Align Technology closed yesterday at $29.72.