UPDATE: Cantor Fitzgerald Reiterates Hold Rating, Raises PT on Align Technology Ahead of 2Q13 EPS Report

In a report published Wednesday, Cantor Fitzgerald analyst Jeremy Feffer reiterated a Hold rating on

, and raised the price target from $35.00 to $40.00. In the report, Cantor Fitzgerald noted, “With ALGN reporting 2Q:13 EPS AMC on 7/18, we provide our updated thoughts on recent developments and a preview of 2Q results. ALGN has enjoyed a string of positive catalysts in recent months, including above-consensus 1Q results, a favorable ruling on ClearCorrect patient infringement, and the Henry Schein partnership. Given the recent momentum and our expectation that 2Q comes in at or above the high end of guidance, we are raising our price target from $35 to $40 (15x 2014E EV/EBTIDA), but we maintain our HOLD rating due to our ongoing concern over pricing and a GP dentist segment that is stable but recovering slowly.” Align Technology closed on Tuesday at $38.19.