UPDATE: Stifel Nicolaus Raises PT to $38 on Align Technology on Trial Outlook

Stifel Nicolaus reiterated its Buy rating on Align Technology

and raised the price target from $32.00 to $38.00. Stifel Nicolaus said, "Align's patent infringement trial against ClearCorrect is scheduled to begin today. … With the limited information contained in the public filings, Mr. Lavelle acknowledged it would be difficult to handicap the potential outcome of the trial. That said, he seems to think Align has a strong position, given the broad claims covered by the seven patents being asserted against ClearCorrect as well as Align's prior success with some of these same patents in prior litigation with OrthoClear. Additionally, two of the seven patents were recently re-validated by the United States Patent and Trademark Office (USPTO), which likely mitigates ClearCorrect's ability to claim the patents are invalid." Align Technology closed at $31.90 on Friday.