The stock decline Thursday may well represent profit-taking. Align, which makes the popular Invisalign, hit a record high of $647.20 Thursday before sliding. It recently traded at $595.35, down 2.9%.
It has jumped 13% in the past month amid optimism that patients will return to their dentists after staying home during the pandemic.
As for the analysts, Stifel rates Align a buy and boosted its share-price target to $750 from $613.
“The quarter was very solid, and we view it as just shy of 2H20’s exceptional results,” Stifel analyst Jonathan Block wrote in a commentary cited by Bloomberg. He noted that Align’s guidance for this year greatly surpassed analysts’ forecasts.
Evercore ISI analyst Elizabeth Anderson has an outperform rating and a $760 price target. “The gross margin step up in the quarter was impressive and came from both aligners and scanners,” she said, according to Bloomberg.
Piper Sandler analyst Jason Bednar rates Align overweight and lifted his price target to $735 from $700. He anticipates buoyant demand for Align’s flagship Invisalign product and thinks the company can meet management’s revenue guidance, Bloomberg reports.
Meanwhile, TheStreet.com founder Jim Cramer announced on Twitter that Align management will appear on his CNBC Mad Money show Thursday night.
Cramer talked the stock up on Mad Money a week ago. "This is the ultimate selfie stock,” he said. “Everyone wants to look good and Align helps you do it."