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Align Technology, Inc. (NASDAQ:ALGN) shares soared after reporting record second-quarter results that saw a solid earnings and sales beat.
Align, which is the manufacturer of Invisalign, could see an inflection point in its teen segment, according to a note from Leerink analyst Richard Newitter.
With Align continuing a four-quarter streak of case growth acceleration in its key teen segment, Newitter said there was a lot to like about the quarter earnings beat and above consensus third-quarter guidance revision.
“To us this suggests outreach efforts to go deeper into this market have been paying off and gives us more conviction that growth in the Teen segment could be on the cusp of an inflection,” Newitter said.
After reporting second-quarter teen case start growth of around 38 percent, Newitter believes there's still significant opportunity for Align to increase its presence in the market. Overall sales jumped 32 percent in the quarter.
“Given how under penetrated the company is into this segment relative to its potential we expect the growth momentum will continue into 3Q on the heels of further benefits from recent DTC initiatives,” Newitter add4ed.
Leerink reiterated an Outperform rating and raised its price target from $194 to $199.
Shares of Align Technology closed 10 percent higher at $173.06.
Image credit: Carrie A., Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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