UPDATE: Cantor Fitzgerald Lowers PT to $32 on Align Technology on 3Q Miss

Cantor Fitzgerald reiterated its Hold rating on Align Technology

and lowered its price target from $37 to $32. Cantor Fitzgerald commented, "Companies miss quarters, sometimes in spectacular fashion, but it is rare to see a company like Align, with such a consistent track record of meeting/ exceeding guidance, post a significant miss, especially with relatively few warning signs. While our concerns centered on pricing trends, we were admittedly blindsided by the volume shortfall (92.5k cases vs.guidance of 94.8k-96.3k). We believe that Align can ultimately rebound from this, but we remain on the sidelines until we have better visibility into 2013 dental volume trends." Align Technology closed at $35.41 on Wednesday.