UPDATE: Jefferies Raises PT on Align Technology from $34 to $36

Jefferies reiterated a Buy rating on Align Technology

and increased its price target from $34 to $36. Jefferies noted, “The mid-point of ALGN's initial 3Q12 financial outlook contemplates a 20% core Invisalign case volume growth experience (vs. our prior +16%), reflecting a continuation of healthy demand trends globally. The mid-point of its formal 3Q12 revenue outlook ($139M / +10%) fell ~4% shy of the consensus view on a lower (implied) ASP expectation that we attribute, in part, to an estimated 3% FX headwind, and to a lesser degree, other discrete items. We perceive little evidence to support the notion that such an implied ASP outcome is a function of heightened competitive dynamics.” Align Technology closed at $31.70 on Thursday.