Zacks Investment Research upgraded shares of Align Technology, Inc. (ALGN) from UNDERPERFORM to NEUTRAL on February 21, 2013, with a target price of $33.00.
Align's fourth quarter 2012 results were encouraging with the company reporting revenues and adjusted EPS of $142.8 million and $ 0.27, both beating the Zacks Consensus Estimates of $140 million and $0.29, respectively. Growth was boosted by new product development, feature enhancement, increased patient visits and a growing interest among the teenage patient population. Besides, we are also encouraged with the recent launch of next generation liner material SmartTrack. The company's focus on the international market, especially in Europe and China, is encouraging. Rising optimism regarding a product with great appeal and untapped potential, in the malocclusion market make us hopeful about Align. Accordingly, we upgrade the stock to Neutral and increased our revenues estimates for fiscal 2013.
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