UPDATE: Baird Equity Research Downgrades Align Technology to Neutral, Reiterates $49 PT on Valuation Call

In a report published Friday, Baird Equity Research analyst Jeff D. Johnson downgraded the rating on

from Outperform to Neutral, but reiterated the $49.00 price target. In the report, Baird Equity Research noted, “Downgrading ALGN to Neutral is not meant to be a call on the company's 3Q, especially as our intra-quarter checks have been generally positive and we still expect modest upside to our/Street's projections this quarter. Further, we continue to like that management has seemingly gone on the offensive recently in both the high- (G4/SmartTrack) and low-acuity (Express 5/Realine) segments of orthodontics.” Align Technology closed on Thursday at $47.87.