UPDATE: Stifel Raises PT on Align Technology Following Good 3Q13 Results - Align Tech (NASDAQ:ALGN)

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In a report published Friday, Stifel analyst Jonathan Block reiterated a Buy rating on

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Align Technology

(NASDAQ: ALGN), and raised the price target from $54.00 to $57.00.In the report, Stifel noted, “Our entire 2014 leverage thesis played out in 3Q13 as ALGN significantly beat EPS numbers (normalized 3Q EPS was $0.40 versus $0.30E), yet we were silly enough to make a cautious call in front of the quarter. That said, we think our 2014 $1.66 versus the Street's $1.53 should no longer be viewed as an “unrealistic expectation” and we believe consensus likely brings their estimates up to us….overnight. Align seems to be in the sweet spot as past investments (APAC, N.A. sales reps) are starting to pay off and new innovations (SmartTrack) are resonating with docs and helping to drive utilization higher. We are raising our 2014 and 2015 EPS estimates. Reiterate Buy and increase PT from $54 to $57.”Align Technology closed on Thursday at $45.93.