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[jimmybob]

Align Technology downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Chris Cooley downgraded Align Technology to Equal Weight from Overweight, citing valuation. While still expressing a high degree of confidence in the company's ability to deliver above consensus results in the near-term and successfully expand the market for clear aligner therapy in the long-term, Cooley notes that the company's $22B equity market valuation is approximately double the current $10B total addressable market and nearly in-line with the estimated expanded $20B total addressable market. He keeps a $230 price target on Align Technology shares